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09 May 2018, 12:33 | Lionel James
The buyout will place Takeda Pharma at the ninth rank in the global pharmaceutical industry by revenue.
The CEO of Takeda, Christophe Weber cites that jointly with the Shire, a stronger Takeda will emerge. Buying Shire bolsters its offerings in gastroenterology and neuroscience, while adding a slate of rare disease drugs that include the Irish biotech's seven hemophilia medicines.
The deal also increases Takeda's exposure to the United States, the world's biggest pharmaceutical market.
Although based in Ireland, Shire has most of its operations in Lexington and Cambridge and more than 3,000 workers in MA. Takeda generates only 30% of its sales from the region.
Japanese drug makers have pursued growth overseas as sales slow at home.
Takeda put consistent effort to take over its bigger rival, Shire and had bid five times since March 27, 2018, improving the offer each time.
Takeda will pay the equivalent of 49.01 pounds in cash and stock for each share of Shire, based on Takeda's closing share price on April 23, the day before a preliminary deal was announced.
Shares in the FTSE 100 listed company rose by 5% n early trading but remain well below the offer price, indicating that Shire shareholders still have reservations about the deal.
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Takeda said the deal will save about US$600 million in duplicated research and development costs. The company expects $1.4bn in overall savings by the third year.
Fumiyoshi Sakai, an analyst with Credit Suisse, said in a statement, "The cost synergies seem to be much bigger than expected in the next three years".
Takeda's board members have approved the details of the acquisition plan that the company will formally propose to Shire, according to sources.
The deal is by far the largest acquisition of a foreign firm by a Japanese company, dwarfing SoftBank Group's 2016 acquisition of Britain's ARM Holdings in a $24.3 billion deal.
In a separate statement today, Takeda said it will continue to focus on growing its oncology portfolio, which along with its hematology holdings expanded past year when Takeda acquired Ariad Pharmaceuticals for $5.2 billion.
During this period, Shire sold its oncology business to France's Servier for $2.4 billion.
Takeda said it would maintain its headquarters in Japan and would evaluate consolidating Shire's operations into Takeda's in the Boston area, Switzerland and Singapore.
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