Japanese drugmaker Takeda has reached a $62 billion deal to buy rival Shire in the world's biggest takeover so far th...
Updated: May 8, 2018 1:10 PM
Japanese drugmaker Takeda has reached a $62 billion deal to buy rival Shire in the world's biggest takeover so far this year.
After waging a lengthy campaign to win over the board of Dublin-based Shire, Takeda announced Tuesday that they had an agreement.
The deal values Shire at -46 billion ($62.1 billion), excluding debt, according to the companies.
Including Shire's debt, the takeover is worth more than $80 billion, according to Dealogic. That eclipses other major deals announced so far this year, including Cigna's purchase of Express Scripts and the merger of T-Mobile and Sprint.
It's also the largest takeover ever carried out by a Japanese company, according to data provider Dealogic.
The price tag has alarmed investors in Takeda: Its shares are down 18% since it first revealed it was considering an approach for Shire in late March.
Related: Just who gets those big drug rebates?
The Japanese company has a market value of just $33 billion, stoking fears about how much debt it will have to take on to fund the acquisition. Takeda is offering Shire shareholders a mixture of cash and stock.
Shares in Shire, meanwhile, have soared about 30% since late March.
-- Daniel Shane contributed to this report.
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