Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Thursday, December 13, 2018 04:20:20 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Takeda shareholders agree to $60b Shire acquisition

By
07th-Dec-2018       
Comments
Share your thought
Post a comment »
Read all () »

AFP, Tokyo :
Shareholders at Japanese drug giant Takeda on Wednesday approved a plan to buy Irish pharmaceuticals firm Shire in a deal worth around $60 billion, the biggest foreign takeover ever by a Japanese firm.
A group of rebel investors, including members of the founding family, tried to thwart the deal but were outvoted at an extraordinary shareholders' meeting held in the western city of Osaka where the company has its headquarters.
The scheme was "approved as originally proposed", said a statement from Takeda, adding it should come into effect in early January - pending approval from Shire shareholders, who are to vote on the merger plan later Wednesday in Dublin.
The deal, which will create one of the world's top 10 drug companies, caps a lengthy courtship by Takeda of its larger rival as it seeks to expand overseas.
"We are delighted that our shareholders have given their strong support to our acquisition of Shire," said Takeda CEO Christophe Weber.
Analysts have said the buyout would be a smart move by Takeda as it looks to diversify, and could pay off in the long-term, but it has also raised concerns that the Japanese firm could be overextending itself financially.
Takeda plans to finance the 46-billion-pound ($58.4 billion) buyout through issuing new shares in exchange for Shire stock, bank loans and bond issuance.
The buyout is the latest in a flurry of merger and acquisition activity in the pharmaceutical industry as traditional players see profits eroded by competition from generic medicines.
Japanese firms in particular are facing pressure domestically as the government tries to cut prices of many branded drugs and increase the focus on cheaper generics to curb health spending as the population ages rapidly.
Takeda, led by Frenchman Weber, has been actively looking overseas for acquisitions.
In 2011 it took over Swiss rival Nycomed for 9.6 billion euros ($13.6 billion at the time).
Analysts have described Shire as an attractive target for Takeda, with a portfolio of existing treatments in fields where the barriers to entry are high and profits large.
In particular, Shire will give Takeda access to research and development in fields the Japanese firm has long sought, including digestive systems, mental illness and rare diseases.
The new firm would be "more competitive, agile, highly profitable, and therefore more resilient… poised to deliver highly innovative medicines and transformative care to patients around the world", said Weber.
The deal is by far the largest acquisition of a foreign firm by a Japanese company, dwarfing SoftBank Group's 2016 acquisition of Britain's ARM Holdings in a $24.3 billion deal.
It falls well short, however, of breaking international records.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Outstanding performance of our farmers


FARMERS of Pirojpur district have successfully used marshlands to grow up paddy saplings which would help meet sapling shortage in the waterlogged areas during paddy cultivation. In the district, farmers devoid of sapling during the Boro season as most uplands, where Boro seedlings usually grew, have been used for cultivating ...

International »

France hunts gunman after three killed at Strasbourg Christmas market


AFP  :Hundreds of police hunted Wednesday for a gunman who shot dead three people and wounded 13, eight seriously, at a famed Christmas market in Strasbourg, on the French border with Germany.The attack took place Tuesday around 8 pm (1900 GMT) in the heart of the medieval city as the ...

City »

A faction of BFUJ and DUJ staged a demonstration in front of the Jatiya Press Club on Wednesday in protest against closure of 54 online news portal.


.

Cricket »

Mashrafe regrets not getting another 20-25 runs after loss


UNB, Dhaka :Bangladesh lost the second ODI of the three-match series on Tuesday at Sher-e-Bangla National Cricket Stadium to the Windies by four wickets. The hosts' captain Mashrafe Bin Mortaza regrets more 20-25 runs at the end of the match.Bangladesh posted 255 for seven wickets in the first innings after ...

Entertainment »

Priyanka Gope in discussion with her new song


Sheikh Arif Bulbon :It is mostly happened in case of many singers where despite having outstanding lyrics and mind blowing composition many songs do not hit among the music lovers. For this reason, many singers cannot create attention among the listeners. National Film Award winner singer Priyanka Gope has rendered ...

Cricket »

Opener Tamim Iqbal (left) of Bangladesh plays a shot during the second One Day International match between Bangladesh and West Indies at the Sher-e-Bangla National Cricket Stadium in the city's Mirpur on Tuesday.


Cricket »

Mashrafe creates record by leading Bangladesh in maximum ODIs


Mashrafe Bin Mortaza, the Bangladesh ODI captain, has created a new history playing the second encounter of three-match series against West Indies by equaling the record of Habibul Bashar to lead Tigers in most ODIs. Mashrafe has all the chances to surpass his predecessor in the third and final match of ...

Editorial »

Social awareness can help stop cruelty


A YOUNG factory worker, Azharul Islam Suman, was killed in Naraynganj on Saturday when some persons inserted a high-pressured air nozzle into his rectum and activated it. We have no word to express our shock and agony seeing the brutal method of torture and killing a man. The occurrence could ...

International »

Ex US senators warn of `constitutional crisis` under Trump


AP, Washington : Forty-four former US Senators from both major US parties warned Monday of threats to US democracy under President Donald Trump, and a "constitutional crisis" for America. They said the convergence of events - as special counsel Robert Mueller probes whether Trump's campaign colluded with Russia to tilt the 2016 ...

International »

Trillions of dollars paid in bribes, stolen through corruption every year: UN


PTI, United Nations: Trillions of dollars - equivalent to more than five per cent of global GDP - are paid in bribes or stolen through corruption every year, according to the United Nations.Secretary-General Antonio Guterres deemed corruption "an assault on the values of the United Nations," in a message on ...

City »

BNP candidate Mirza Abbas speaking at a press conference on `BNP candidates participating in the eleventh parliamentary elections are in arrest and attack panic` at his residence in the city`s Shajahanpur on Tuesday.


Entertainment »

Pori Moni becomes Fair & Lovely brand ambassador


Entertainment Desk :Dhallywood star Pori Moni  signed a contract with popular skin product brand 'Fair &Lovely' as their brand ambassador on Sunday . She signed the contract with Unilever Bangladesh, according to a recent press release.Senior officials of Unilever Bangladesh were present at the contract signing event at the Unilever ...

Entertainment »

Airin in web series for first time


Sheikh Arif Bulbon :Celebrities are showing their keen interest to work in web series. For this reason, they are working one after another in web series. Viewers are also showing their interest to enjoy these worldwide. Film actress Airin has include her name in the list working in web series. ...

Editorial »

Ensure justice for rape victims and protect the witnesses


SPEAKERS at a conference demanded enactment of the Witness Protection Bill which was drafted in 2006 by the Law Commission aimed at ensuring security of rape victims and witnesses. They made the demand at a national conference on "Rape law Reform", organised by Bangladesh Legal Aid and Services Trust (BLAST), ...

Cricket »

India end 10-year win drought in Australia first Test nail-biter


AFP, Adelaid :India won their first Test on Australian soil in a decade Monday, bowling out the home side in a nail- biting finale to clinch the opening match of the series at Adelaide Oval with Rishabh Pant equalling a world-record along the way.The hosts were set an improbable target ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news