Adderall maker Shire agrees £46bn takeover by Takeda

Adderall maker Shire agrees £46bn takeover by Takeda

On May 8, Japanese pharmaceutical giant Takeda announced it had finally come to an agreement to acquire Dublin-based drug maker Shire.

To pay the cash fraction of the deal, Takeda told that it had acquired a loan facility of $31 billion with Sumitomo Mitsui Banking Corp., JP Morgan Chase Bank NA, and MUFG Bank Ltd., among others.

Shares in Shire, meanwhile, have soared about 30% since late March.

With few late-stage experimental drugs in its own pipeline, Takeda needs lucrative new therapies.

The deal increases Takeda's exposure to the USA, the world's biggest pharmaceutical market.

The buyout will place Takeda Pharma at the ninth rank in the global pharmaceutical industry by revenue.

The Shire showed interest when Takeda gradually raised the bid and reached $66.17 (49 pounds) per share.

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Shareholders of Takeda Pharmaceutical Co. and Shire Plc will each own about 50 percent of the merged company.

Shire shareholders will grab $30.33 (£22.42) in cash and 0.839 new Takeda shares, unchanged from the company's final offer.

Takeda said the deal will save about US$600 million in duplicated research and development costs.

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.

The deal is still subject to regulatory approvals as well as to the approval of Shire and Takeda shareholders, though Shire directors "intend to recommend unanimously" that its investors vote in favour of the acquisition.

Christophe Weber, Takeda's president and CEO, said, "Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda". The deal is expected to close sometime in the first quarter of 2019, pending review by regulators in a number of countries including the U.S., EU, Japan and China.

Susan Kilsby, chairwoman of Shire, said the takeover of her company - which is best known as the maker of Adderall, a treatment for ADHD, but has become one of the world's biggest makers of medicines for rare diseases - is in the best interest of shareholders. Last year, the company expanded its footprint in the United States oncology market with the $4.7bn purchase of Ariad Pharmaceuticals.

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