Published: Wed, May 09, 2018
Money | By Michele Stevens

£46bn takeover offer recommended to Shire shareholders

£46bn takeover offer recommended to Shire shareholders

After weeks of bidding, the Japanese drugmaker agreed to shell out $62 billion on the rare disease specialist, 46% cash, 54% stock-roughly the same terms Takeda disclosed when it announced its fifth bid. Takeda's existing shareholders are facing a hard time as their stake will be reduced to half.

In a separate statement, it said it would fund the deal with a bridge loan facility of almost $31 billion.

Takeda will pay $66.56 per Shire share: $30.33 in cash, with the rest in the form of 0.839 of a new Takeda share. Takeda's main areas of focus moving forward will be neuroscience, oncology, gastroenterology and vaccines. It will also expand Takeda's foothold in the USA because two-thirds of Shire's income comes from that market.

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The deal increases Takeda's exposure to the U.S., the world's biggest pharmaceutical market. The agreement offers $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda American depositary receipts.

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. It is one of the greatest deals which has ever happened happened in the pharmaceuticals company.

The acquisition will create a combined company to be half owned by Shire shareholders upon completion of the deal, which is subject to approval by shareholders of both companies and expected to close in the first half of 2019.

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"Shire's highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda", Weber said in the statement.

Takeda, like many Japanese companies, been expanding overseas to compensate for slowing growth at home.

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. Last year, the company expanded its footprint in the U.S. oncology market with the $4.7bn purchase of Ariad Pharmaceuticals. It came as Virgin Money, backed by Sir Richard Branson, said it was reviewing an all-share takeover approach worth £1.6bn from CYBG, the owner of Clydesdale and Yorkshire Bank. 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.

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