Takeda, Shire reach agreement on buyout

Shire PLC

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.

In a statement, Christophe Weber, president and chief executive officer of Takeda, said: "Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda." .

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. Shares in the company will be listed on the Tokyo Stock Exchange and the Local Japanese Stock Exchanges, with Takeda also set to apply for its American Depository Shares to be listed on the NYSE.

The firms had been due to conclude the deal in April.

The enlarged group will be a leader in treatments in gastroenterology, neuroscience, oncology, rare diseases and blood-derived therapies.

Analysts have described Shire as an attractive target for Takeda, with a portfolio of existing treatments in fields where the barriers to entry are high and profits large.

The acquisition is expected to see Takeda gain potentially promising new drugs and also to expand its sales channels.

Takeda put consistent effort to take over its bigger rival, Shire and had bid five times since March 27, 2018, improving the offer each time.

"We can now go after targets and diseases that we couldn't previously", said Plump, who oversees Takeda's research and development operations, which are based in MA. It is one of the greatest deals which has ever happened happened in the pharmaceuticals company.

The Japanese company predicts annual cost synergies of at least $1.4 billion three years after completion, including $600 million in research and development costs, and the deal is expected to boost underlying earnings significantly from the first full year after closing. The company was saddled with debt from its $32 billion acquisition of Baxalta in 2016, a widely criticized deal, while generic drug makers have stepped up competition.

Takeda is the largest pharmaceutical in Japan. Last year, it purchased Ariad Pharmaceuticals, allowing them to further develop their oncology unit.

It ends weeks of wrangling, with a string of previous offers having been rejected by the Irish firm.

Takeda said the integrated company will be headquartered in Japan, listed in both Tokyo and NY, will expand its R&D presence in the Boston, US, area, and have major regional locations in Japan, Singapore, Switzerland and the US.

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