Takeda and Shire agree £46bn takeover

09 May, 2018, 01:16 | Author: Orlando Hughes
  • Takeda wiill pay the equivalent of £48.17 per share

As per the reports of the company on Tuesday, Takeda, a famous Japanese drug maker company has agreed to purchase Shire for $62.4 billion in both cash as well as stock.

Takeda expects substantial cost synergies of at least $1.4 billion.

The acquisition would be the largest ever for a Japanese company, and would vault Takeda into the top 10 of global pharmaceutical giants.

Susan Kilsby, the chairwoman of Shire, said: "Over the last 30 years, Shire has become the global leader in treating rare diseases".

The tie-up crowns a hectic few months of M&A activity as big drugmakers look to improve their pipelines by bringing in promising medicines developed by younger companies.

"I think it is a good deal for Shire shareholders but not everybody may think that".

Shire shareholders will own about half of the combined group after the deal, which will be the biggest in the sector since 2000 if approved by shareholders.

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.

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Takeda, founded in Osaka in 1781, wants Shire, a specialist in the treatment of rare conditions, to help it expand globally - especially in the United States - as it faces down the prospect of weaker drug prices in its home market.

After waging a lengthy campaign to win over the board of Dublin-based Shire, Takeda announced Tuesday that they had an agreement. The combined company will be headquartered in Japan, but Takeda said it will boost its research and development presence in the Boston area, where both companies have sites.

"The commitment to get down to two times EBITDA in three to five years really shows how cash-generative Shire is", said Polar Capital's Mahony.

The combination merges Shire's portfolio of treatments for rare diseases with Takeda's for cancer, gastroenterology and neuroscience.

"There is 25 percent (of the portfolio) which is more isolated products".

Shire has offered Takeda a large presence in the USA and an expertise in the rare diseses.

The company traces its roots back to 1986, when it began as a seller of calcium supplements to treat osteoporosis, operating from an office above a shop in Hampshire, southern England. A quarter of Shire's product revenues previous 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.

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