Japan's Takeda agrees $62 billion takeover of Shire

Hugh Fox
May 9, 2018

In one of the biggest deals in the pharmaceutical industry's history and the biggest worldwide takeover by a Japanese company, Takeda Pharmaceutical today struck a deal to buy its larger Irish rival Shire Plc for $62 billion (£46 billion).

Under the terms of the acquisition, shareholders in Shire will be entitled to receive $30.33 in cash, a deal which values the entire share capital of the company at roughly £46bn.

The pair expects the deal to close in the first half of next year, and when it does, Shire shareholders will own around 50% of the combined company.

"Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda", Weber said in the statement.

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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 share price in both companies rose on the news - Shire's by 3.6 percent to 39.96 pounds, and Takeda's by the same rate to 4,638 yen.

The Japanese drug maker increased its bid for Shire multiple times over the past month.

Susan Kilsby, chairman of Shire, added that by combining with Takeda, "Shire helps create an even stronger biopharmaceutical company, with a robust R&D pipeline and expanded global footprint".

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Takeda's deal marks persistence by the Japanese firm, which tabled five offers by late April - one month after rumours of the deal hit headlines.

A few weeks ago, Takeda confirmed that it was trying to buy out Shire, a specialist in treating rare diseases, by noting that its most recent proposal had been spurned.

The deal will give the Japanese company Shire's lucrative rare diseases portfolio and is also expected to generate cost savings of at least £1bn.

Post closing, the New Takeda Shares will be listed on the Tokyo Stock Exchange and the Local Japanese Stock Exchanges. Takeda Oncology is based in Cambridge, MA.

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Takeda is the largest pharmaceutical in Japan. Takeda is offering Shire shareholders a mixture of cash and stock. Last year, it purchased Ariad Pharmaceuticals, allowing them to further develop their oncology unit. The combined company will be headquartered in Japan, but Takeda said it will boost its research and development presence in the Boston area, where both companies have sites.

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