Japan's Takeda clinches US$62 billion deal to buy rival drug maker Shire
09 May, 2018, 01:18
Drug giant Takeda Pharmaceutical Co yesterday said it would buy Irish pharmaceuticals firm Shire PLC in a deal worth US$62.23 billion, in the biggest foreign takeover by a Japanese firm. "Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies".
The tie-up is one of the largest ever in the pharmaceuticals sector, crowning a hectic few months of deal-making as big drugmakers look to improve their pipelines by bringing in promising medicines developed by younger companies. The company has secured $30.85 billion in bank financing to pay Shire shareholders the cash portion of the deal.
The acquisition will create a combined company to be half owned by Shire shareholders upon completion of the deal, which is subject to approval by shareholders of both companies and expected to close in the first half of 2019.
The offer represents a 59.6-per cent premium to Shire's closing price of £30.70 on 27 March, before the Takedarevealed its interest in the company.
The share price in both companies rose on the news - Shire's by 3.6 percent to 39.96 pounds, and Takeda's by the same rate to 4,638 yen.
Shire's stock was up about 1 percent to $163 in Tuesday's pre-market session. Previous year it bought Ariad Pharmaceuticals of Cambridge, Massachusetts. Takeda expects to reduce overall headcount of the combined company by between 6% and 7% over the next three years, with layoffs in R&D as well as sales. The companies have a number of commercial, research and manufacturing overlaps, particularly in the United States.
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Takeda said it would maintain its headquarters in Japan and would evaluate consolidating Shire's operations into Takeda's in the Boston area, in Switzerland and in Singapore. "That's where you could have some portfolio assessment and potentially some disposals", Weber said.
Shire has offered Takeda a large presence in the USA and an expertise in the rare diseses.
Shire was founded in the mid-1980s, selling calcium supplements above an off-licence in a village near Basingstoke. A quarter of Shire's product revenues past year came from sales of its hemophilia medicines, which face competition from Roche's Hemlibra (emicizumab) now and potentially curative gene therapies in the future.
But it has been under pressure in the past 12 months due to greater competition from generic drugs and debt from its $32 billion acquisition of Baxalta in 2016, a widely criticised deal.
Takeda was advised by Evercore, J.P. Morgan and Nomura, while Shire worked with Citi, Goldman Sachs and Morgan Stanley.
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