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TWO TKT SHAREHOLDERS CHALLENGE SHIRE BUYOUT

July 1, 2005

In a surprise twist to what many considered a done deal, two institutional shareholders are challenging Shire Pharmaceutical Group's proposed purchase of Transkaryotic Therapies Inc. of Cambridge for $37 a share, or $1.6 billion, according to filings yesterday with the US Securities and Exchange Commission. The two institutional shareholders, which together hold more than 14 percent of TKT's shares, said the price was too cheap and the firm would do better by developing its products and promising drug pipeline on its own.

Boston Globe (http://www.boston.com/business/articles/2005/07/01/two_tkt_shareholders_challenge_shire_buyout/)