In a statement, Christophe Weber, president and chief executive officer of Takeda, said: "Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda." . It represents a 60% premium to the share price low from before Takeda confirmed its interest in a buy, he wrote in a Tuesday note to clients.
To help finance the deal, the company received a $31 billion bridge loan, alarming some investors.
Shire's shares, which had been trading about 10 pounds below the value of Takeda's offer, traded 4 percent higher at just over 40 pounds, still well under the agreed price and indicating that shareholders still have reservations.
The boards of both firms have finally agreed on the terms of the deal, settling on an offer of £49.01 per Shire share.
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The deal gives Takeda (tkpyy), a gastroenterology and cancer specialist, greater access to the US market, while Shire's portfolio will get greater exposure in Japan and emerging markets, the companies said Tuesday. Having Shire also will increase Takeda's focus on gene-oriented treatments rather than traditional chemical compounds. Takeda Oncology is based in Cambridge, MA.
The enlarged group will be a Japanese national champion in pharmaceuticals and a leader in gastroenterology, neuroscience, oncology, rare diseases and blood-derived therapies, used for serious conditions such as haemophilia. Japan's Nishimura & Asahi and offshore firm Ogier also advised Takeda.
In a separate statement today, Takeda said it will continue to focus on growing its oncology portfolio, which along with its hematology holdings expanded previous year when Takeda acquired Ariad Pharmaceuticals for $5.2 billion. 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.