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Takeda Closes in on $62 Billion Deal for Shire

Tuesday, May 8, 2018   (0 Comments)
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Japanese drugmaker to make cash-and-stock offer on Tuesday for Irish peer

TOKYO -- Takeda Pharmaceutical will make a formal offer to buy Irish drugmaker Shire for 46 billion pounds ($62.3 billion) in cash and stock on Tuesday, in a bid to seal the biggest overseas acquisition ever by a Japanese company.

 

A deal, which appears likely, would create a pharmaceutical group ranking ninth in the world by sales, with revenue surpassing $30 billion.

 

The two drugmakers have apparently agreed on the acquisition price, which works out to 49 pounds per share, but still need to settle nonfinancial terms. Shire's board will vote on the proposal Tuesday, and an announcement could follow the same day.

 

Japan's biggest drugmaker by sales aims to buy all of Shire, which would delist from the London Stock Exchange.

 

Takeda seeks Shire's portfolio of rare-disease treatments, or "orphan drugs," a high-margin business with few competitors. Buying Shire would add a fourth core treatment area alongside cancer, gastrointestinal and neurological ailments.

 

Takeda has made several buyout offers since the end of March. Shire rejected the initial offer, which valued the company at roughly 44 pounds a share, saying it underestimated the Dublin-based drugmaker's products and growth potential.

 

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