Shire, Takeda Come to Terms on $62B Acquisition Deal

09 May, 2018, 00:34 | Author: Sheri Evans
  • Takeda Pharma offers $62 billion in takeover of Britain's Shire

Shire, the Dublin-headquartered biotechnology giant focused on rare diseases, looks set to be acquired by Takeda Pharmaceutical in a deal worth £46bn after an offer by the Japanese group was recommended to shareholders. Shire shareholders will also receive 0.839 new Takeda shares or 1.678 Takeda American Depository Shares, shares of a foreign-based company that can be purchased on a US stock exchange.

The deal has been approved by the boards of both companies and is expected to close following shareholder and regulatory approval in the first half of next year. Together, the two companies now employ about 50,000 staff. Takeda pledged Tuesday to quickly reduce the debt and maintain the company's investment grade credit reading.

The acquisition will "strengthen Takeda's core therapeutic areas, bringing together complementary positions in gastroenterology and neuroscience, and provide leading positions in rare diseases and plasma-derived therapies", Takeda added.

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Shire has a strong pipeline of potential drugs in development that complement's Takeda's work, she said.

Takeda Pharmaceutical has reached an agreement to acquire Shire after raising its offer for the rare disease drug company. The initial offer was $59.42 (44 pounds) per share which the Shire outright rejected terming it as undervaluation.

Currently, about a third of Takeda's sales come from the Japanese market, with a similar share represented by USA sales.

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Although the deal must get the support of 75 percent of Shire's voting shareholders, some of whom do not want to hold Takeda paper, Weber told reporters he believed investors would back the transaction. The firm expects to general annual pretax cost synergies of $1.4 billion by the end of the third year.

The Japanese company's global footprint will be significantly bolstered by the addition of Shire's assets, particularly those in the lucrative USA market. Takeda also would get increased exposure to the US, the world's biggest pharmaceutical market and where Shire generates most of its revenue.

A fair share of industry watchers initially expected that Takeda wouldn't make it to the finish line since snapping up Shire would mean taking on a hefty debt load. Takeda's largest previous purchase was a US$13.7 billion takeover of Nycomed in 2011. Past year it bought Ariad Pharmaceuticals of Cambridge, Mass. Takeda is valued at about $34 billion.

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