Takeda in talks to acquire drugmaker Shire

The deal represents a 51% premium to Shire's share price on March 27

Japanese drugs giant Takeda said Thursday it had made a $60-billion takeover bid for Irish peer Shire but its offer was rejected. This has weighed on Allergan's ability to carry out big acquisitions.

Takeda, led by Frenchman Christophe Weber, has been actively looking overseas for acquisitions. Societe Generale lowered their target price on shares of Shire from GBX 8,000 ($114.55) to GBX 7,500 ($107.39) and set a "buy" rating for the company in a research note on Wednesday, February 28th.

It would be Weber's boldest move by far, significantly expanding the company's USA presence while boosting its position in rare diseases, gastrointestinal disorders and neuroscience, where Shire is a leader in drugs to treat hyperactivity.

FILE PHOTO: Vitamins made by Shire are displayed at a chemist's in northwest London, Britain, July 11, 2014. RBC Capital Markets maintained the shares of SHPG in report on Wednesday, February 14 with "Buy" rating. At the time of publication, Allergan was trading down 6.55 percent.

Takeda expanded its oncology and hematology portfolios previous year by acquiring Ariad Pharmaceuticals for $5.2 billion. "Shareholders seem to be voting this morning", Kedra said.

After seeing the second bid rejected, Takeda came back on April 13, with the £44 billion bid, which values Shire at around £42 billion excluding debt, at $46.5 per share.

Shire's board has unanimously rejected all three approaches because the offers significantly undervalued the company and its growth prospects.

"Shire's latest refusal, as well a deal to offload its oncology division, a prize asset that would have been complimentary to Takeda's portfolio, could be the final nail in the coffin of the merger", Jasper Lawler, head of research at London Capital Group, said.

It offered £46.50 pounds per Shire share on April 12, 62 per cent of which would be in new Takeda stock.

It is the latest twist in the battle to take control of Shire after Takeda said at the end of March it was considering making an offer. Steward Partners Investment Advisory LLC purchased a new stake in shares of Shire during the 3rd quarter valued at approximately $159,000.

Shire said in January it would run its attention deficit hyperactivity disorder (ADHD) business, which consists mainly of its blockbuster drug Vyvanse, separately and possibly seek a separate listing.

This week Shire said it was selling its cancer treatment unit to France's Servier for £1.7bn in a deal that was initiated in December and was unrelated to the possibility of a takeover bid.

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