Takeda Pharmaceutical acquires London-listed Shire for $62 bn

Charlene Craig
May 9, 2018

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

The drug maker will be paying almost 49 pounds in cash and stock for each share of the Ireland based company, Shire, as per the closing shire price of Takeda on 23 April (the day before the preliminary deal was announced).

Takeda and Shire said they expect the deal to close in the first half of next year, with Takeda's shareholders owning about half of the combined operation.

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

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That is a 60 percent premium to the price before Takeda first declared its interest six weeks ago.

To help fund the cash portion of the deal, Takeda said it had secured a bridging loan facility of US$31 billion with JPMorgan Chase Bank, Sumitomo Mitsui Banking Corp and MUFG Bank, among others.

Up to three Shire directors will join the board when the deal is completed and Takeda will retain the services of key staff, including Shire CEO Flemming Ornskov, who will get 200 percent of his 2018 annual salary and target bonus.

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

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The deal gives Takeda (tkpyy), a gastroenterology and cancer specialist, greater access to the US market, while Shire's portfolio will get greater exposure in Japan and emerging markets, the companies said Tuesday.

The agreement ends a takeover battle that had seen Takeda make five offers for UK-listed Shire since late March.

Takeda said the deal will save about US$600 million in duplicated research and development costs.

Tokyo-listed Takeda's shares, however, climbed nearly four per cent to ¥4,638 (£31.50).

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"Over the last 30 years, Shire has become the global leader in treating rare diseases, delivering innovative products that transform patients' lives", said Shire's chairman Susan Kilsby. It will also have "major" regional locations in Japan, Singapore, Switzerland, and the U.S. According to Reuters, previous offers were rejected due to price concerns and Takeda's intention to pay for much of the acquisition in stock.

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