Takeda Pharma offers $62 billion in takeover of Britain's Shire

Takeda Pharma offers $62 billion in takeover of Britain's Shire

Takeda Pharma offers $62 billion in takeover of Britain's Shire

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. However, market gain was capped on caution ahead of planned announcement by U. S. The two companies reached a merger agreement Tuesday.

Shortly afterwards, Allergan, was reportedly in talks to acquire Shire, but several hours later, Allergan announced it was no longer interested. Now he'll have to sell it to shareholders - which is not a given after Takeda saw its market cap plunge more than 20% during the talks. The sale was unrelated to the Takeda acquisition bid and had been ongoing since the beginning of the year. It will also expand Takeda's foothold in the U.S. because two-thirds of Shire's income comes from that market.

Enhancing Takeda's cash flow profile. Dealogic says that with debt, the deal is worth $81.5 billion. It is the largest takeover deal by a Japanese company.

Susan Kilsby, the chairwoman of Shire, said: "Over the last 30 years, Shire has become the global leader in treating rare diseases". When the deal wraps, Shire shareholders will own 50% of the new Takeda. The two companies have been holding negotiations since then. Takeda expects to reduce overall headcount of the combined company by between 6% and 7% over the next three years, with layoffs in R&D as well as sales. That would mean cuts somewhere in the low to mid 3,000s.

The deal is expected to result in $1.4bn annual cost savings and will prompt a "review of the functions to be undertaken" at Shire's headquarters in Dublin as well as possible "consolidation" of operations in the US, Singapore and Switzerland.

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Takeda's takeover of Shire is the largest acquisition in the company's history, widely surpassing a near $14 billion acquisition of Nycomed in 2011. According to Reuters, previous offers were rejected due to price concerns and Takeda's intention to pay for much of the acquisition in stock.

Shares in Shire, meanwhile, have soared about 30% since late March.

The deal also increases Takeda's exposure to the USA, the world's biggest pharmaceutical market. Shares of both companies have risen today at the news.

The Shire showed interest when Takeda gradually raised the bid and reached $66.17 (49 pounds) per share.

Shire's Chief Executive Officer, Flemming Ornskov is quite positive and enthusiastic about the deal. "However, the risk is that if shareholders vote this down then the shares are going to go down a lot". The acquisition has been approved by the boards of both companies but still needs the approval of shareholders and regulators.

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