Takeda Strikes $62B Deal to Acquire Rare Disease Drug Maker Shire

General Stock – Education – May 2008

Takeda, founded in Osaka in 1781, wants Shire, a specialist in the treatment of rare conditions, to help it expand globally - especially in the U.S. - as it faces down the prospect of weaker drug prices in its home market. Chief executive Christophe Weber, the first foreigner to lead the 237-year-old Japanese company, is seeking growth in new markets amid patent expirations and drug pricing pressures at home.

Susan Kilsby, the chairwoman of Shire, said: "Over the last 30 years, Shire has become the global leader in treating rare diseases".

Takeda will pay the equivalent of 49.01 pounds in cash and stock for each share of Shire, based on Takeda's closing share price on April 23, the day before a preliminary deal was announced.

Currently, about a third of Takeda's sales come from the Japanese market, with a similar share represented by US sales.

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The transaction gives Takeda, a maker of cancer and gastroenterology drugs, greater access to the United States market, while Shire will get greater exposure in Japan and emerging markets. Takeda shareholders will have to agree, though, and the deal hasn't been popular with investors so far. Takeda's research and development also includes vaccines.

Takeda expects substantial cost synergies of at least $1.4 billion. It's also expected to provide a return on interest above Takeda's cost of capital over the same time period. Shire shares traded up 3.7%.

Takeda is the largest pharmaceutical in Japan.

Takeda and Shire's annual sales total almost $31 billion taken together, which would make the combined company larger than many industry stalwarts like AstraZeneca and Eli Lilly.

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Hattrell also represented Shire on its $5.2bn acquisition of United States company NPS Pharmaceuticals in 2015 and when it was the subject of an attempted takeover by U.S. drugmaker AbbVie in 2014.

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.

Takeda's announcement comes amid a flurry of transactions in the pharmaceutical sector, marked by GlaxoSmithKline's agreement in March to buy out Novartis' stake in their consumer health joint venture.

During this period, Shire sold its oncology business to France's Servier for $2.4 billion. In addition, Takeda is considering consolidating Shire's operations into its own in Boston, Switzerland and Singapore.

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