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Drugmaker Shire's $30 bln Baxalta bid
Tuesday, August 04, 2015 - 01:00
Drugmaker Shire says it's seeking to buy Baxalta, a company spun-off by Baxter International last month, for $30 billion to forge the leading global specialist in rare diseases. As Joel Flynn reports the London-listed group went public with its approach after the U.S. firm turned it down.
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Pharma's M&A is showing little signs of slowing, as Shire makes public its $30 billion offer for Baxter spin-off Baxalta. Ireland-based Shire's initial approach was rebuffed by the U.S firm. The all-share offer valued each Baxalta share at $45.23. The deal would form the world's leading rare disease specialist. Baxalta would add a promising range of new products to Shire's line-up, according to analysts. That includes a growing portfolio of high-priced treatments for rare diseases - which raked in 6 billion dollars in revenue last year. Shire Chief Executive Flemming Ornskov said its tax set up was also an attraction. News of the deal saw Baxalta shares spike 17 percent, while Shire's dropped 4.6 percent. It's the latest in a raft of mergers and acquisitions in the pharmaceutical and healthcare sector in the last 18 months. That's included purchases by large drugmakers and consolidation among generic manufacturers, as well as insurer tie-ups.
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Drugmaker Shire's $30 bln Baxalta bid
Tuesday, August 04, 2015 - 01:00
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