Takeda Pharmaceutical announced it has entered into an agreement to acquire Shire for approximately 46 billion pounds, or 49.01 pounds per Shire share.
Takeda also announced a “364-day bridge credit agreement” for an aggregate principal amount of up to $30.85 billion to fund the acquisition. Under the terms of the acquisition, every Shire shareholders will be entitled to $30.33 in cash for each Shire share and either 0.839 new Takeda shares or 1.678 Takeda American depositary shares, according to company press releases.
After closing, Takeda shareholders will own approximately 50% of the combined group.
Shire’s board recently said it would possibly recommend its shareholders accept a bid from the Japanese-based pharmaceutical company. It initially rejected Takeda’s original proposal to acquire Shire for 46.50 pounds per share.
The acquisition is expected to close in the first half of 2019.