Arab Today, arab today shire buys us pharma firm baxalta for 32bn
Last Updated : GMT 00:03:58
Arab Today, arab today
Arab Today, arab today

Shire buys US pharma firm Baxalta for $32bn

Arab Today, arab today

Arab Today, arab today Shire buys US pharma firm Baxalta for $32bn

Dublin-based pharmaceutical group
Dublin - AFP

Dublin-based pharmaceutical group Shire (Xetra: S7E.DE - news) said Monday that it has agreed to buy US peer Baxalta (Berlin: 9BX.BE - news) for $32 billion (29 billion euros) to create a global biotech giant targeting rare diseases.

The agreed cash-and-share offer was an improvement on a previous bid of $30 billion that Baxalta had rejected in August. The transaction is expected to be completed in mid-2016, Shire added in a statement.

The purchase of the Deerfield, Illinois-based group will boost Shire's position in the market for rare-disease treatments in the pharmaceutical sector, which is undergoing rapid consolidation.

Following the deal, Baxalta will benefit from lower taxation because Shire is based in Ireland -- which boasts ultra-low corporation tax.

"This proposed combination allows us to realise our vision of building the leading biotechnology company focused on rare diseases," said Shire chief executive Flemming Ornskov.

"Our expanded portfolio and presence in more than 100 countries will drive our growth to over $20 billion in anticipated annual revenues by 2020."

The offer values Baxalta at the equivalent of $45.57 per share, which marked a premium of 37.5 percent above the share price on August 3. That was one day before Shire confirmed its interest in Baxalta.

London-listed Shire forecasts that it will generate more than $500 million in annual cost synergies within three years of the closing of the transaction.

Monday's blockbuster deal comes after Shire snapped up Dyax (NasdaqGM: DYAX - news) , a US company that also specialises in rare diseases, for $5.9 billion in November.

Faced with expiring patents and growing competition from generics, pharmaceutical firms like Shire increasingly view so-called orphan drugs -- which target rare diseases -- as a path to growth.

The latest deal meanwhile "presents a unique opportunity for Baxalta shareholders, who will receive substantial immediate value as well as an ongoing stake in a combined global leader in rare diseases with strong growth prospects", added Baxalta chief executive Ludwig Hantson.

"We bring to Shire a strong portfolio and pipeline of market-leading products, high-quality manufacturing capabilities and a talented global workforce that places patients at the center of everything we do."

The combined Shire-Baxalta group will have a major focus on areas like bleeding disorder hemophilia and immunoglobulin therapy, as well as a growing franchise in oncology.

There are some 7,000 orphan diseases affecting an estimated 25-30 million people around the world, most caused by genetic factors. Experts estimate about 450 orphan treatments are under development.

Earlier transactions driven by orphan remedies included Roche's 2009 acquisition of US company Genentech and the 2014 takeover of Seragon Pharmaceuticals. Pharma giants like Pfizer (NYSE: PFE - news) and GlaxoSmithKline (Other OTC: GLAXF - news) have also moved to fortify their rare disease portfolios.

Treatments for rare diseases accounted for about $20 billion in annual sales in 2000. By 2020, those payments are expected to reach $176 billion, according to an October 2014 report by EvaluatePharma.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shire buys us pharma firm baxalta for 32bn Arab Today, arab today shire buys us pharma firm baxalta for 32bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shire buys us pharma firm baxalta for 32bn Arab Today, arab today shire buys us pharma firm baxalta for 32bn

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday