Japan's biggest ever deal: Takeda buys Shire for $62 billion

09 May, 2018, 00:38 | Author: Franklin Nunez
  • Analysts say the deal would be a smart move by Takeda as it looks to diversify but there are also concerns that it could be overextending itself financially

London-listed Shire, the maker of treatments for ADHD and rare diseases, has agreed a £46bn bid from Japan's Takeda, in the biggest deal seen in the pharmaceutical sector since 2000.

If it is approved by shareholders of both companies, Shire investors will own about half of the combined group, which will be listed on the Tokyo stock exchange.

Takeda is taking on debt to complete the transaction. He informed that the merger will retain about $600 million in replica research and development costs.

The buyout will place Takeda Pharma at the ninth rank in the global pharmaceutical industry by revenue.

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The enlarged group will be a leader in treatments in gastroenterology, neuroscience, oncology, rare diseases and blood-derived therapies, used for serious conditions such as haemophilia.

"We firmly believe that this combination recognizes the strong growth potential of our leading products and innovative pipeline and is in the best interests of our shareholders, our patients and the communities we serve", Shire Chairman Susan Kilsby said in the statement.

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

Takeda had previously said that expanding its oncology business was a significant reason why it was considering a bid for Shire, along with the desire to expand in along with gastrointestinal medicine and neuroscience.

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Takeda's deal marks persistence by the Japanese firm, which tabled five offers by late April - one month after rumours of the deal hit headlines. Shire's USA headquarters is in Lexington, MA. Even though Shire's headquarters are in Dublin, it earns more than two thirds of its revenue in the USA on drugs like Adderall, which is used for ADHD.

The Japanese company's global footprint will be significantly bolstered by the addition of Shire's assets, particularly those in the lucrative United States market. Shire's shares have soared 31%, giving the company a market capitalisation of about $50bn.

"The cost synergies seem to be much bigger than expected in the next three years", Credit Suisse analyst Fumiyoshi Sakai said.

Its earlier acquisitions include Ariad Pharmaceuticals in 2017, Nycomed in 2011 and Millennium Pharmaceuticals in 2008 and early this year, it proposed to buy TiGenix, which is expected to close by July this year. Last year, the company expanded its footprint in the United States oncology market with the $4.7bn purchase of Ariad Pharmaceuticals.

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