Thursday, 24 May, 2018

Adderall maker Shire agrees £46bn takeover by Takeda

JAPAN-IRELAND-PHARMACEUTICAL-TAKEOVER-SHIRE-TAKEDA Takeda finally seems to have won Shire over
Gerardo Duncan | 09 May, 2018, 01:14

Yet buying Shire is a stretch for the much smaller Takeda, which will borrow $30.85 billion from J.P. Morgan Chase, Sumitomo Mitsui, MUFG Bank and others to fund the takeover.

Shire's shares, which had been trading about 10 pounds below the value of Takeda's offer, traded 4 percent higher at just over 40 pounds, still well under the agreed price and indicating that shareholders still have reservations. 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 had pitched a potential tie-up as complementary to its core therapeutic areas of oncology, gastrointestinal disease, and neuroscience.

The deal gives Takeda (tkpyy), a gastroenterology and cancer specialist, greater access to the USA market, while Shire's portfolio will get greater exposure in Japan and emerging markets, the companies said Tuesday.

Last month Shire revealed that it had plans to sell its oncology business to France-based pharmaceutical company Servier for $2.4 billion.

The firms had been due to conclude the deal in April.

Shire had previously rejected four offers from Takeda, and the agreement has been made on the final day that the Japanese company would have been able to put in another bid. 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.

Takeda said it represents a premium of around 64% compared with the price of its shares in late March, when rumours of Takeda's interest began to swirl. Japanese investors have anxious about the hefty debt, with Moody's Investors Service warning last month that Takeda could face a multiple-step credit downgrade due to a "spike in leverage". Takeda's research and development also includes vaccines.

The deal is expected to result in $1.4bn annual cost savings and will prompt a "review of the functions to be undertaken" at Shire's headquarters in Dublin as well as possible "consolidation" of operations in the US, Singapore and Switzerland. The company was saddled with debt from its $32 billion acquisition of Baxalta in 2016, a widely criticized deal, while generic drug makers have stepped up competition.

Tokyo-listed Takeda's shares, however, climbed nearly four per cent to ¥4,638 (£31.50).

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