(Sharecast News) - Shire has completed the sale of its oncology franchise to Servier for $2.4bn, it announced on Friday.The FTSE 100 company said the franchise included the global rights to 'ONCASPAR' and ex-United States and ex-Taiwan rights to 'ONIVYDE', as well as oncology pipeline assets.David Lee, who was previously the head of Shire's global genetic diseases and oncology franchises, would continue with Servier as chief executive officer of its new US commercial subsidiary, Servier Pharmaceuticals."The closing of this transaction demonstrates the value embedded in our portfolio and our continued focus on executing against our strategic priorities," said Shire CEO, Dr Flemming Ornskov."I am confident that Servier will continue to bring these important therapies to patients worldwide."I would like to thank David Lee and all those transferring to Servier for their ongoing commitment to meeting the needs of the oncology community, and we wish them continued success."The oncology sale proceeds were expected to enable Shire to further reduce its leverage.Shire had previously announced a leverage target of non-GAAP net debt-to-EBITDA of below 2.5x by the end of 2018.The company said it would update its financial guidance, including the impact of the oncology sale, as part of its third quarter earnings announcement later in the year.Shire first announced its plans to sell its oncology franchise to Servier on 16 April.