Shire isn't receiving any money up front, although it could get as much as $300M in revenue milestone payments.
Shire acquired Dermagraft when it bought Advanced BioHealing for $750M in June 2011, but soon after the deal, the FDA rejected the drug for treating leg ulcers.
SocGen analysts are happy that Shire is getting rid of a "non-core, loss-making product."
Shares are +0.6% in London. (PR)