LONDON (Alliance News) - Irish pharmaceutical company Shire PLC on Tuesday said it has agreed a takeover deal with Japanese peer Takeda Pharmaceutical Co.
Takeda is to pay USD30.33 in cash per Shire share, plus either 0.839 new Takeda shares or 1.678 Takeda American depository shares.
The deal, Shire said, is worth GBP49.01 based on Takeda's closing price on Tokyo on April 23, the last date before which Shire said it would be willing to recommend a deal.
This puts the value of the offer at around GBP46.00 billion, though approximately GBP44.00 billion based on Takeda's closing price on Monday in Tokyo.
Shire shareholders will own approximately 50% of the combined group.
Chief Executive Flemming Ornskov said: "I would like to thank the entire Shire team for all that we have accomplished over the last five years to transform Shire into the leading rare disease biotech company and a tenacious champion for patients in need.
"I am confident that this relentless focus will enable us to continue delivering against our priorities throughout this process. With a truly innovative portfolio and pipeline, I believe that the combination of the two companies is in the best interests of shareholders and offers an opportunity to improve the lives of even more patients globally with rare and highly specialised conditions."
This offer was Takeda's fifth for Shire. The offer deadline had originally been on April 26, but this was pushed back to Tuesday on April 25.
The first offer - received by Shire at the end of March - valued the drugmaker's shares at GBP44.00 each, with Shire shareholders to own around half of the enlarged Takeda. The company, however, rejected the offer, describing it as "significantly" undervalued.
The second offer was worth GBP45.50 a share, which was again rejected, as it did a third proposal of GBP46.50 per share. The fourth offer of GBP47.00 a share was also rejected by Shire.
