Saturday, 22 September, 2018

Adderall maker Shire agrees £46bn takeover by Takeda

Japan's Takeda Pharmaceutical agrees $62 billion takeover of Shire Adderall maker Shire agrees £46bn takeover by Takeda
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).

Recommended

  • Nikol Pashinyan elected Armenia's prime minister

    Nikol Pashinyan elected Armenia's prime minister

    The extraordinary sitting of the Armenian parliament kicked off 12:00 for the second round of vote to elect a Prime Minister. Pashinyan had lost the original vote on May 1 due to initial opposition from the dominant Republican Party.
    Matt Szczur, Padres bounce back after no-hitter

    Matt Szczur, Padres bounce back after no-hitter

    His first one went pretty well — in his major league debut last weekend, he took a ideal game into the seventh inning against St. In fact, the 2018 Padres, who struck out 13 times Friday night, are historically bad at merely making contact with the baseball.
    National Film Awards: 68 winners boycott the ceremony; know why

    National Film Awards: 68 winners boycott the ceremony; know why

    While these are government awards, the fact that they are presented by the president is what makes them unbiased and pristine. Insiders say that was somewhat a break from tradition as all awards were given away by the president.
  • China's trade surplus with USA  increases to $22.2B

    China's trade surplus with USA increases to $22.2B

    Economists at ANZ said some Chinese exporters might be accelerating electronics shipments amid the tariff threats. Imports in April also showed robust growth of 22% from past year , up to USD171.7 billion.
    Cardiff City boss lays out plans for Premier League

    Cardiff City boss lays out plans for Premier League

    Cardiff City manager Neil Warnock is relishing his return to the Premier League after finishing second in the championship . Cardiff didn't so much win promotion to the Premier League , as were gifted it by a poor performance in Birmingham .
    British ambassador to United States  thinks Trump won't gut Iran deal

    British ambassador to United States thinks Trump won't gut Iran deal

    Rouhani added: "Trump must know that our people are united, the Zionist regime [Israel] must know that our people are united". The agreement was also approved by China, Russia, Germany, France, Britain and the European Union.
  • Sensex, Nifty trade volatile; Midcap underperforms

    Sensex, Nifty trade volatile; Midcap underperforms

    Around 12:35 pm (IST), the BSE Smallcap index was 0.31 per cent up at 18,148, while the BSE Sensex was 0.18 per cent up at 35,273. At 9.22 a.m, the Sensex was trading up 105.40 points or 0.30% at 35,313.54 with 18 components gaining.
    The Met Gala - Princess Diana's most iconic look of all time?

    The Met Gala - Princess Diana's most iconic look of all time?

    Donning a black, beaded lace gown by Stella McCartney, Rihanna shimmered on the carpet and proved her sexy style was here to stay. She strutted the red carpet this time wearing a trouser suit and entirely ditching the traditional long dress.
    Afghanistan: 12 killed in blast inside mosque in Khost

    Afghanistan: 12 killed in blast inside mosque in Khost

    Police said another civilian was wounded in the attack, in an area where the Taliban and an IS affiliate are active. They were abducted while travelling to the area, where the company, KEC, owns an electricity sub-station contract.
  • Cavs' Rodney Hood Refused To Play In 4th Quarter

    Cavs' Rodney Hood Refused To Play In 4th Quarter

    Hood is a very good player but he's had a bad playoffs so far, averaging only 4.6 points on 39.6 percent shooting. Cleveland will await the victor of the Philadelphia 76ers-Boston Celtics series in the Eastern Conference Finals.
    Comcast Planning $60B Bid for Fox Assets

    Comcast Planning $60B Bid for Fox Assets

    Kitco Metals Inc . and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
    Trump announces delegation to Israel for opening of USA  embassy in Jerusalem

    Trump announces delegation to Israel for opening of USA embassy in Jerusalem

    The global community considers the annexation illegal and considers east Jerusalem as occupied territory. The status of Jerusalem is among the most contentious in the Israeli-Palestinian conflict.

Red Sox, Yankees to play regular-season games in London in 2019 Red Sox, Yankees to play regular-season games in London in 2019 The NFL has played regular-season games in London since 2007, holding 18 games at Wembley and three at Twickenham. Henry said his team and the Yankees had been discussing the possibility of playing in London for several years.

Mark Ingram suspended first four games of 2018 season for PEDs Mark Ingram suspended first four games of 2018 season for PEDs The veteran running back has been absent from Saints voluntary team workouts so far this spring. The 2017 NFL Rookie of the Year, he carried the ball 120 times for 728 yards and 8 touchdowns.

Gmail's new Smart Compose Feature will Help you Write Emails Faster Gmail's new Smart Compose Feature will Help you Write Emails Faster The feature even serves up relevant contextual phrases such as " Have a great weekend! " if you're emailing someone on a Friday. In a quick demo on stage, it appears Smart Compose is similar to the Auto Complete feature Google uses for online searches.

Xi Jinping, Kim Jong Un meet in China Xi Jinping, Kim Jong Un meet in China A summit is planned between Mr Trump and Mr Kim - a location and date are said to have been chosen , but has yet to be announced publicly.

Ballsy Snooker Player Gets Naked For Media After Winning World Title Ballsy Snooker Player Gets Naked For Media After Winning World Title I've just done something I never thought I would. 'I knew at the end if I didn't get enough he was going to clear up again. Back came Williams, and a century break to go one frame away from victory suggested his nerves had settled.

North Korea calls United States claims about upcoming summit "misleading" North Korea calls United States  claims about upcoming summit The Trump and Kim Jong Un meeting has been confirmed and a date set - though which date? - we don't know yet. Trump hinted that the release of Kim Dong-chul, Kim Hak-song and Tony Kim was in the offing.

Childish Gambino Dropped New Song 'This Is America' Childish Gambino Dropped New Song 'This Is America' While some may call him a triple threat - as an actor, writer and singer - he considers himself "just a threat". Though it's a Saturday Night Live skit, it shows how awesome Glover's Lando is going to be on the big screen.

Golden Knights, Lightning close out playoff series Golden Knights, Lightning close out playoff series Jonathan Marchessault opened the scoring, and Nate Schmidt added an insurance goal that was only detectable by replay. Not a lot of people expected this team to play at the level they are playing at, despite the players they drafted .

IPL 2018: SRH vs RCB Match Report IPL 2018: SRH vs RCB Match Report SRH were eventually wrapped up for 146, with three wickets , which included two run outs, coming in the last over of the innings. Sandeep Sharma has so far dismissed Virat Kohli on five occasions - the most he has dismissed a particular batsman in the IPL.

Hezbollah, allies in Lebanon poll victory Turnout stood at a lowly 49 percent, according to official figures released after Sunday's vote by the interior ministry. Astute pre-electoral tactics have secured Hezbollah enough allies to withstand political challenges on strategic issues.

Taylor Swift Shows Off Her Microphones for 'reputation Tour' Taylor Swift Shows Off Her Microphones for 'reputation Tour' The 28-year-old even stayed for nearly four hours taking pictures and meeting all the families. She bought everybody pizza after the concert.

Death toll from Pakistan mining explosions climbs to 23 Death toll from Pakistan mining explosions climbs to 23 The Pakistan Central Mines Labor Federation told the BBC that an average of 200 miners die in mine disasters every year. It urged the government to ratify the Safety and Health in Mines Convention of the International Labour Organisation.

Browns' Baker Mayfield isn't a cookie cutter quarterback Browns' Baker Mayfield isn't a cookie cutter quarterback This year's quarterback class was loaded with big names and promising talent, with Mayfield being one of the most intriguing storylines.

Viviani wins 3rd Giro stage in Israel Viviani wins 3rd Giro stage in Israel Yesterday was a bit disappointing but the team backed me today and the team did everything possible to put me into pink. With a strong tailwind in the peloton's sails, the gap came down to under a minute with 40 kilometres remaining.

Mourinho 'approves' sale of Manchester United superstar Mourinho 'approves' sale of Manchester United superstar Reports have claimed Ed Woodward is a huge admirer of the player and wants him to stay. Chelsea are understood to be interested in securing his signature.