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09 May 2018, 12:34 | Gordon Grant
Takeda finally lands £46bn takeover deal for Shire
Japanese pharmaceutical company Takedaannounced Tuesday it would buy Shire for $62.4 billion in cash and stock in a deal that could cause some uncertainty at Takeda's USA headquarters in Deerfield.
Under the offer, shareholders would receive the equivalent value of £49.01 per Shire share and also be entitled to receive any dividends announced, declared or paid by Shire in the ordinary course prior to completion of the deal without any consequential reduction in the consideration.
The final deal is about 46 percent cash and 54 percent stock, leaving Shire shareholders owning about half of the combined company. Together, the two companies now employ about 50,000 staff.
Takeda said the deal will save about $600m in duplicated research and development costs.
The deal, which would create one of the world's top 10 drugs companies, caps a lengthy courtship by Takeda of its larger rival as it seeks to expand overseas.
Sequiera said the acquisition will allow Takeda to strengthen two of its three core therapy areas: gastroenterology and neuroscience disease.
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." . In response, the Irish firm announced on April 25 that it had told Takeda that Shire's board was willing to recommend the offer to its shareholders.
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Japan share market finished session higher on Tuesday, 08 May 2018, with investors encouraged by Wall Street overnight rallies and Japan's Takeda surging on reports that the drugmaker would make a formal offer to buy Ireland's Shire.
Takeda's board members have approved the details of the acquisition plan that the company will formally propose to Shire, according to sources.
Currently, about a third of Takeda's sales come from the Japanese market, with a similar share represented by US sales.
Shares in Shire, meanwhile, have soared about 30% since late March. The company expects US$1.4 billion in overall savings by the third year. It's also expected to provide a return on interest above Takeda's cost of capital over the same time period.
The deal increases Takeda's exposure to the USA, the world's biggest pharmaceutical market.
Takeda is the largest pharmaceutical in Japan. Previous year it bought Ariad Pharmaceuticals of Cambridge, Massachusetts.
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