Thursday, 24 May, 2018

Shire says willing to recommend Takeda's US$64b offer to shareholders

Shire shares rise as it unilaterally announces Takeda's sweetened deal Takeda eyes Shire, will it be 2018's biggest deal?
Heather Davidson | 26 April, 2018, 12:35

Takeda's latest bid-its fifth-prices Shire at £49 ($68) per share, consisting of £27.26 ($38) per share in new Takeda shares, to be listed in Japan and in the USA through an American Depositary Shares listing, and £21.75 ($30) per share cash. It came as the pharma giant changed its tune and recommended a £46 billion takeover bid from Japan's Takeda following a number of rejected offers. Shore Capital reissued a buy rating on shares of Shire in a research note on Thursday, March 29th.

A takeover would be a continuation of Takeda's expansion plans under CEO Christophe Weber, the company's first ever non-Japanese leader, who has set himself the task of reinvigorating the firm.

Shire's late-stage pipeline contains more than a dozen treatments for rare diseases. Since then it has grown rapidly through acquisitions to generate revenues of about US$15.2 billion past year.

"Shire shareholders would give their right arms to be in Sky's position - two strong U.S. firms chasing it", Chris Beauchamp, a market analyst at IG, also commented. Last year, immunology contributed $4.4 billion to sales, and neurosciences, which includes top-selling ADHD medications such as Vyvanse, added $2.7 billion to the top line. His annual pay is more than 1 billion yen. It announced an offer to acquire TiGenix NV, a Belgian maker of stem-cell therapies, for €520 million ($645 million) in January, as well as a $150 million initial payment to Denali Therapeutics Inc. for a partnership to develop drugs for neurodegenerative diseases.

But analysts and business professors predict the takeover will nearly certainly result in layoffs of several hundred Shire employees over the next couple of years - mostly among administrative employees whose duties could be filled by workers for Osaka-based Takeda.

Shire brings a bench of rare-disease drugs, including for hemophilia and hereditary angiodema, that will catapult Takeda into a higher league.

Hasegawa was determined to look overseas for growth as well as leadership. Excluding items, Comcast reported adjusted earnings of USD2.90 billion or USD0.62 per share for the period. The cash component has increased from an initial 36 percent to 44 percent of the overall offer.

The split comes amid pressure from Whitbread's two largest shareholders - United States hedge funds Elliott Advisors and Sachem Head, both of which pushed for significant changes at the London-listed group. And if, as expected, the company approves it, it will likely take months more for the two to combine operations and for local Shire employees, based mostly in Lexington and Cambridge, to learn if they will keep their jobs.

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