It was only a matter of time before Irish drug maker Shire became a target for larger rivals. Big pharma is in the grip of another deal frenzy and there are only so many companies of its size.

Despite a penchant for growing through acquisition, Shire has long occupied that middle ground which means that regardless of being a genuine force to be reckoned with, it is still a digestible size for the industry’s biggest beasts.

In a rapidly consolidating world, drug makers face a race to buy or be bought, and sadly for Shire, it looks to have already been pipped to the finishing line. The irony, of course, is that in its efforts to grow quickly the company has made itself a more attractive proposition....