Shire secures funding for NPS Pharma bid

London - London-listed drugmaker Shire has secured a $5bn credit facility for a takeover offer for New-Jersey-based NPS Pharmaceuticals, The Times of London reported on Sunday.

The newspaper said Shire has lined the credit facility for NPS, which is being advised by Goldman Sachs, from banks led by Citigroup.

Insiders told The Times that an initial approach to NPS by Shire has been rebuffed.

However, a former London hospital doctor with ties to both companies is acting as a go-between, the daily said.

The Times reported that Colin Broom, who is on the board of NPS and the chief scientific officer of US company ViroPharma that was taken over by Shire last year, would be a key figure in the takeover talks.

The Financial Times blog, Alphaville, was the first to report on Shire considering a bid for NPS Pharma on Friday.

Shire could not be contacted for comment outside of normal business hours.