Shire, the Dublin-headquartered biotechnology giant focused on rare diseases, looks set to be acquired by Takeda Pharmaceutical in a deal worth £46bn after an offer by the Japanese group was recommended to shareholders.
Japan share market finished session higher on Tuesday, 08 May 2018, with investors encouraged by Wall Street overnight rallies and Japan's Takeda surging on reports that the drugmaker would make a formal offer to buy Ireland's Shire.
To help fund the cash portion of the deal, Takeda said it has secured a bridge loan facility of $31bn with JPMorgan Chase, Sumitomo Mitsui Banking and MUFG Bank, among others. Competitive pressures also loom for Shire's hemophilia business, which is threatened by Roche's newly launched Hemlibra. It also marks a significant step up in M&A activity this year for an industry which has already seen Sanofi and Celgene shell out a combined $33 billion across four separate deals.
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If approved, it will be the largest overseas purchase by a Japanese company, according to Dealogic. A Shire takeover brings Takeda treatments for rare diseases such as haemophilia - a field that's luring a growing number of drug makers that can charge more for unique life-saving drugs than for routine treatment.
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During this period, Shire sold its oncology business to France's Servier for $2.4 billion. Takeda is offering Shire shareholders a mixture of cash and stock.
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The acquisition is expected to become effective in the first half of 2019, Takeda said. Shire's US headquarters is in Lexington, MA.
The deal should help Takeda pivot away from its home base to more lucrative markets like the USA and Europe, and add new drugs to its shrinking pool of patent-protected products. The company expects $1.4bn in overall savings by the third year.
Takeda is counting on cash flow from the combined company to allow for a quick pay-down on the acquisition-related debt. The companies have projected job cuts of 6 to 7 percent.
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Fumiyoshi Sakai, an analyst with Credit Suisse, said in a statement, "The cost synergies seem to be much bigger than expected in the next three years". Slightly more than half will come from sales and administration. But it is confident it can get those votes, Miehm said. "When it comes to hemophilia, I think there is still a big debate about the level of [sales] erosion".