Takeda shares down 3 percent after Shire rejects $63 billion offer

Shire rejects £42bn takeover bid by Japanese giant Takeda

Shire Plc, the London-listed rare disease drug maker reported on Thursday that even as talks continued with Japan's Takeda Pharmaceutical Co., it had rejected a $63 billion cash-and-stock acquisition offer by them.

Takeda said it will remain "disciplined" with respect to the terms of another offer, which would only be made with the backing of Shire's board and after satisfactory due diligence.

"Following the announcement made earlier today in which Allergan was identified as a potential bidder for Shire, Allergan now confirms that it does not intend to make an offer for Shire", it said in a statement to the stock exchange.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Under takeover rules, Allergan has until 5pm on 17 May to either make a firm offer or walk away.

Dublin, Ireland-domiciled Shire says it had already received three proposals from Takeda since 29 March, the day after the Japanese firm announced it was considering a merger. Three hours later, Dublin-based Allergan issued a terse follow-up statement: "In order to comply with the requirements of the United Kingdom takeover code, Allergan announced that it does not intend to make an offer for Shire".

This review is now unlikely to lead either to a major acquisition or a breakup of the company, one of the sources said.

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The firm's French CEO Christophe Weber is trying to turn Takeda into a global pharma company, and believes the Shire merger would accelerate this process. It offered £46.50 pounds per Shire share on April 12, 62 per cent of which would be in new Takeda stock.

Research analysts at Main First Bank assumed coverage on shares of Shire (LON:SHP) in a research note issued on Wednesday, March 28th.

The sale of the oncology franchise was not a reaction to the Takeda bid rumors. $48.04B is Shire Plc's market cap. Earlier Wednesday, Reuters reported the Japanese firm had proposed GBP46.50 a share for Shire, but did not mention whether the offer had been accepted or rejected.

Based on Takeda's market capitalization, Shire shareholders would end up owning approximately 51 percent of the enlarged group, Shire noted.

The offer for the United Kingdom rare diseases specialist is apparently pitched at £46.50 per share, which would value Shire at £42.4bn.

In addition to making medications like Adderall and Vyvanse, Shire focuses on rare diseases like the blood disorder hemophilia. The possible offer comes after Shire agreed on Monday to sell its cancer unit to France's Servier SAS for $2.4 billion.

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