Takeda and Shire finally agree takeover terms after months of negotiations

Japan's Takeda announces £46 bn firm offer for Shire

The Japanese company, Takeda Pharmaceutical will buy London-listed Shire Plc for $62.42 billion (46 billion pounds).

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

Takeda's sales after the acquisition are expected to top ¥3 trillion, making it the first Japanese firm to be ranked within the world's top 10 drugmakers.

Christophe Weber, Takeda CEO, commented on the acquisition of Shire's "highly complimentary product portfolio and pipeline", saying that it will accelerate Takeda into a strong company, targeting gastroenterology, neuroscience, oncology, rare disease, and plasma-derived therapies.

Shire shareholders will own 50% of the enlarged group following the deal, which is expected to complete in the first half of 2019. It represents a 60 per cent premium to Shire's closing price on March 27, before Takeda disclosed its interest.

Susan Kilsby, chairman of Shire, added that by combining with Takeda, "Shire helps create an even stronger biopharmaceutical company, with a robust R&D pipeline and expanded global footprint".

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The combined company plans to complement Takeda's areas of therapeutic focus-namely oncology, gastroenterology, and neuroscience therapeutic areas plus vaccines-with Shire's strengths in rare diseases and other areas. Those shares will be listed on the New York Stock Exchange.

Jobs will go, with the group's combined 52,000 workforce likely to be reduced by 6-7 percent. The companies have a number of commercial, research and manufacturing overlaps, particularly in the United States, where both have a large presence in Boston.

Takeda said the integrated company will be headquartered in Japan, listed in both Tokyo and NY, will expand its R&D presence in the Boston, US, area, and have major regional locations in Japan, Singapore, Switzerland and the US. Its net profit is about three times more than Takeda's. "That's where you could have some portfolio assessment and potentially some disposals", Weber said. The initial offer was $59.42 (44 pounds) per share which the Shire outright rejected terming it as undervaluation.

Shire was founded in the mid-1980s, selling calcium supplements above an off-licence in a village near Basingstoke.

But it has been under pressure in the past 12 months due to greater competition from generic drugs and debt from its widely criticised $32 billion acquisition of Baxalta in 2016.

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