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Takeda Pharma to Buy Shire for $62.2 Billion

09 May 2018

Takeda Pharmaceutical agreed to buy London-listed Shire for 45.3 billion pounds (R769-billion) on Tuesday after the Japanese company raised the amount of cash in its offer to secure a recommendation. Takeda's existing shareholders are facing a hard time as their stake will be reduced to half. Acquiring the Shire will add another wing to the Takeda Pharma which is rare-disease treatments, or "orphan drugs".

With few late-stage experimental drugs in its own pipeline, Takeda needs lucrative new therapies. The firm expects to general annual pretax cost synergies of $1.4 billion by the end of the third year.

The transaction gives Takeda, a maker of cancer and gastroenterology drugs, greater access to the USA market, while Shire will get greater exposure in Japan and emerging markets. 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 USA stock exchange.

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The offer represents a 59.6-per cent premium to Shire's closing price of £30.70 on 27 March, before the Takeda revealed its interest in the company.

Takeda said the transaction will bring in savings of about $600 million in duplicated research and development costs.

The merger of these two companies, with the smaller Takeda capturing the larger prey, gives Weber the global transformation he was asked to deliver.

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The acquisition of the Irish drugmaker is scheduled to close in the first half of 2019, pending regulatory approvals.

The deal, which values Shire at £46bn ($62bn), will see Takeda become one of the 10 largest pharmaceutical companies in the world by sales, as well as putting the company in a leading position in the treatment of rare diseases.

The combined company will be headquartered in Japan, with an expanded presence in the US -where Shire and Takeda both maintain significant R&D operations that have grown in recent years-and "major" regional locations in Japan and the USA, as well as in Singapore and Switzerland.

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A completed deal would dwarf SoftBank Group's $40bn purchase of Sprint in 2013, which ranked as the biggest takeover by a Japanese company. 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. Past year it bought Ariad Pharmaceuticals of Cambridge, Mass. Takeda is valued at about $34 billion.

Takeda Pharma to Buy Shire for $62.2 Billion