Takeda lifts Shire takeover bid again

Takeda is interested in Shire the maker of Adderall because of the British company’s specialist areas

Shire's board "is considering its position" on a new bid, the company said Tuesday after Bloomberg News reported that the companies were nearing a preliminary agreement.

Shire confirmed it had received a better offer but did not disclose the details.

The Japanese drugmaker said it and Shire extended the deadline for talks on the acquisition to May 8.

Takeda's share price briefly fell 9 percent from the previous day on the Tokyo Stock Exchange as concerns grew about the hefty cost of the deal.

However, that deadline can be moved back at the request of the FTSE 100 drugmaker and Takeda had said on Friday that it hoped negotiations with Shire would lead to an extension of the cut-off date.

Shire focuses on treatments for rare diseases and attention deficit disorder.

Dealmaking has surged in the drug industry this year as large players look for promising assets to improve their pipelines. It acquired US drugmaker ARIAD Pharmaceuticals Inc.in 2017.

"Shire shareholders would also be entitled to any dividends announced, declared, made or paid by Shire in the ordinary course prior to completion of the possible transaction".

Takeda's fourth proposal was worth £47 per share, £21 of which is cash and £26 in new Takeda shares. Under these terms, Shire shareholders would own half of the combined company.

Takeda's rationale for acquiring Shire is to "accelerate its transformation and result in a global, value-based, R&D-driven biopharmaceutical leader", to be headquartered in Japan.

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