Ireland: Takeda Pharma agreed to buy Ireland-headquartered Shire for £45.3 billion (€51.6 billion) on Tuesday after the Japanese company raised the amount of cash in its offer to $30.33 to secure a recommendation.
Shire investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs for each share, the companies said, valuing the offer at £48.17 a share based on the latest price and exchange rate.
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Takeda expects substantial cost synergies of at least $1.4 billion.
The deal – assuming it wins backing of shareholders – will be the largest overseas acquisition by a Japanese company and propel Takeda, led by Frenchman Christophe Weber, into the top ranks of global drugmakers.
“Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies,” he said.
The tie-up is also one of the largest ever in the pharmaceuticals sector, crowning a hectic few months of deal-making as large players look to improve their pipelines.
Shire said last month it would be willing to recommend an offer from Takeda after it rejected four previous approaches.
