Takeda Reaches Tentative Agreement to Acquire Shire
Tokyo, April 25 (Jiji Press)--Japan's Takeda Pharmaceutical Co. <4502> reached a tentative agreement on Wednesday to acquire Irish drug maker Shire PLC for some 46 billion pounds.
If the deal is completed, it will be the largest overseas acquisition by a Japanese company, surpassing Softbank Group Corp.'s <9984> 24-billion-pound deal for British chip designer ARM Holdings PLC.
The acquisition of Shire, a leader in drugs to treat rare diseases, is intended to help Takeda bulk up and survive competition with rivals in the United States and Europe, at a time when costs for developing new drugs are growing.
The two sides reached the tentative agreement after Takeda raised its bid to some 49 pounds per share.
Shire said in a press release that its board "has indicated to Takeda that it would be willing to recommend the revised proposal to Shire shareholders." The board said it will continue talks with Takeda to discuss other terms of the offer.
[Copyright The Jiji Press, Ltd.]