Economy

Shire Accepts Improved $62B Bid From Takeda

Shire Accepts Improved $62B Bid From Takeda

Takeda Pharmaceutical will pay $62 billion to acquire rare disease biotech Shire, securing on Tuesday a deal that will create one of the world's largest drugmakers by sales and transform the 237-year-old Japanese company. 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.

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. Nikkei Asian Review says the formal bid now expected will amount to 46 billion pounds in cash and stock - about $64 billion - in line with the latest preliminary numbers offered by Takeda. Having Shire also will increase Takeda's focus on gene-oriented treatments rather than traditional chemical compounds. Last year, the company expanded its footprint in the U.S. oncology market with the US$4.7 billion purchase of Ariad Pharmaceuticals.

The offer represents a 59.6-per cent premium to Shire's closing price of £30.70 on 27 March, before the Takeda revealed its interest in the company. The companies expect the deal to close in the first half of next year.

Use Cannes festival to liberate women's voices: French minister
"It is extremely important that we have change [after Weinstein]". "This will be a very different Cannes without Weinstein". Festival director Thierry Fremaux said the event is designed, in his words, "to affirm their presence".

"Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies", he said. However, Takeda announced their intention to reduce the debt quickly. According to the agreed deal, the Irish drugmaker investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda American depositary receipts for each share. If the deal closes, Shire shareholders will own around half of the combined business.

But some of the expected savings will also come from job cuts.

Shire said last month it would be willing to recommend an offer from Takeda after it rejected four previous approaches. The agreement comes more than three years after USA drugmaker AbbVie scrapped its agreed takeover of the London-listed rare disease specialist, following a clampdown on tax inversion deals by the Obama administration. Weber said in a statement, "There is 25 percent (of the portfolio) which is more isolated products. That's where you could have some portfolio assessment and potentially some disposals", Weber said.


  • Resilient Predators still marvelling at Forsberg's Monday masterpiece against Jets

    Resilient Predators still marvelling at Forsberg's Monday masterpiece against Jets

    The Predators shutout the Winnipeg Jets 4-0 on Monday in the Jets first opportunity to advance to the conference finals. The period seemed to be slipping further away from Nashville when Viktor Arvidsson went to the box for slashing.

    Uber Announces Research Partnership with NASA on Flying Urban Taxis

    Uber is partnering with NASA to develop the air taxi service as a way to way to cut down commute times and reduce pollution. Uber was scheduled to meet with US transportation and safety officials this week at its second annual Elevate Summit.
    'Arrested Development' Season 5 Trailer Boasts a May Premiere

    'Arrested Development' Season 5 Trailer Boasts a May Premiere

    All of the main cast and series creator Mitchell Hurwitz return to their roles for the new season. That look at the whole family also includes George and the man behind him, Jeffrey Tambor .
  • Barcelona coach Valverde defends Bartomeu over Griezmann transfer comments

    Barcelona coach Valverde defends Bartomeu over Griezmann transfer comments

    Bartomeu also stressed that Barcelona share a very good relationship with Atletico officials. They will face Marseille in the final at Parc Olympique Lyonnais on 16 May.
    Taylor Swift hints at end to long-standing feud with Katy Perry

    Taylor Swift hints at end to long-standing feud with Katy Perry

    A year ago, Perry addressed the pop stars' beef during a segment of James Corden's Carpool Karaoke . "There's a situation. I was like, "Oh, we're just straight-up enemies". "I am ready to let it go", Perry told Thrive CEO Arianna Huffington.
    Childish Gambino's 'This Is America' Video Tackles Gun Violence and Black Life

    Childish Gambino's 'This Is America' Video Tackles Gun Violence and Black Life

    The vibe was particularly upbeat, as he crooned, "Saturday, all I wanna do is make you dance, girl, and fall in love". This is not your ordinary, run-of-the-mill music video with flashy cars and flashing money.
  • Cavaliers end Raptors' postseason for third straight season

    Cavaliers end Raptors' postseason for third straight season

    In four games against the Raptors, LeBron averaged 34 points, 8.3 rebounds and 11.3 assists on 55 percent shooting from the field. Cleveland coach Tyronn Lue said the Cavs' defense and all-round offensive display had been crucial factors in the sweep.
    Hughes defiant as Southampton take late blow

    Hughes defiant as Southampton take late blow

    Midfielder Mario Lemina could miss out, too, after injuring a hamstring, and Steven Davies continues to battle an Achilles injury. Everton manager Sam Allardyce has admitted that his side were "terrible" during their 1-1 draw with Southampton this evening.
    WhatsApp Business App Will Soon Land in the Apple App Store

    WhatsApp Business App Will Soon Land in the Apple App Store

    It's also been suggested that a similar message containing the words "if you touch the black point then your WhatsApp will hang". A reddit thread shares this message and says the "best way" to send it would be through a computer or the WhatsApp Web version.
  • Klopp Confident Liverpool Will Seal Champions League Spot

    Conte added: "For sure the reality in this moment is I have a contract I signed with Chelsea to be committed for another year". Jenas's concern focuses on the Liverpool front three of Mohamed Salah, Roberto Firmino and Sadio Mane.
    It's still hard to digest Trump's McCain comments

    It's still hard to digest Trump's McCain comments

    Recently, Trump opted not to attend the funeral service for former first lady Barbara Bush due to security concerns. Orrin Hatch (R-Utah) is apologizing for comments he made on Monday that Sen.
    Berkshire's Warren Buffett Would 'Love To Own 100%' Of This Stock

    Berkshire's Warren Buffett Would 'Love To Own 100%' Of This Stock

    Buffett says cryptocurrencies like bitcoin are nonproductive assets similar to gold. "We're certainly going to give it a shot". Buffett appreciated this proposal as it could increase Berkshire's stake in Apple by 5% due to the lack of shares outstanding.