Takeda and Shire agree £46bn takeover

09 May, 2018, 00:33 | Author: Martin Tyler
  • General Stock – Education – May 2008

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.

Takeda said that it may reduce the combined workforce by 6 per cent to 7 per cent in the three years, post closing.

In its announcement Tuesday, Takeda noted that the combined company would have a significantly increased presence in the US, the largest pharmaceuticals market in the world.

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." .

Takeda said it will launch a "review of the functions undertaken" at Shire's current headquarters in Dublin within the first year.

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Sequiera said the acquisition will allow Takeda to strengthen two of its three core therapy areas: gastroenterology and neuroscience disease. Takeda added that Shire's drug portfolio would benefit from greater exposure in Japan and emerging markets. Shire's US headquarters is in MA.

The Japanese drug maker increased its bid for Shire multiple times over the past month.

The companies indicated in late April they had reached a preliminary deal valued at $64bn, based on a stronger exchange rate for the pound at the time.

The agreement ends a takeover battle that had seen Takeda make five offers for UK-listed Shire since late March.

While the deal would boost Takeda's earnings potential, it also comes with risks. He informed that the merger will retain about $600 million in replica research and development costs.

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Takeda expects the merged firms will achieve cost-savings of at least US$1.4bn/y.

Although the deal must get the support of 75 percent of Shire's voting shareholders, some of whom do not want to hold Takeda paper, Weber told reporters he believed investors would back the transaction. Shire shares traded up 3.7%.

The Japanese company's global footprint will be significantly bolstered by the addition of Shire's assets, particularly those in the lucrative USA market.

Takeda is the largest pharmaceutical in Japan. Previous year it bought Ariad Pharmaceuticals of Cambridge, Mass. Takeda is valued at about $34 billion.

During this period, Shire sold its oncology business to France's Servier for $2.4 billion.

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