London-listed Shire, the maker of treatments for ADHD and rare diseases, has agreed a £46bn bid from Japan'sTakeda, in the biggest deal seen in the pharmaceutical sector since 2000.
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). When the deal closes, Takeda shareholders would hold approximately 50 percent of the combined company.
The Japanese company has said the tie-up will help realise the Japanese company's R&D strategy, drive financial value and allow it to exploit further opportunities in the US.
Takeda also announced Tuesday that it expects to cut up to 7 percent of its global workforce after the acquisition. He informed that the merger will retain about $600 million in replica research and development costs.
"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.
"Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda", Christophe Weber, Takeda's president and CEO, said in a statement.
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. Shire, on the other hand, earns about two-thirds of its product revenue from the US - a fact Takeda highlighted in its rationale for pursuing the biotech. Shire, based in Lexington, Massachusetts, gets more than two-thirds of its revenue from North America.
It's also the largest takeover ever carried out by a Japanese company, according to data provider Dealogic. Shire shareholders will also receive 0.839 new Takeda shares for each share. Its net profit is about three times more than Takeda's.
Its earlier acquisitions include Ariad Pharmaceuticals in 2017, Nycomed in 2011 and Millennium Pharmaceuticals in 2008 and early this year, it proposed to buy TiGenix, which is expected to close by July this year.
In a separate statement today, Takeda said it will continue to focus on growing its oncology portfolio, which along with its hematology holdings expanded previous year when Takeda acquired Ariad Pharmaceuticals for $5.2 billion.
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