Takeda, Shire Shareholders Approve Steps Toward Completing Planned Deal

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OSAKA, Japan—Takeda Pharmaceutical Co. (TSE: 4502) and Shire plc (LON: SHP) moved closer on Wednesday to completing Takeda’s $60 billion planned acquisition of Shire. Takeda, based here, announced that the offering terms for the issuance of new Takeda shares, which is required to implement the proposed acquisition, was approved as proposed by at least 88 percent of shareholders’ votes. The results were announced following an extraordinary general meeting of shareholders here. In a separate announcement, Shire said its shareholders also voted to approve the deal. Takeda and Shire had agreed, in May, on the terms of a recommended cash and share offer to be made by Takeda.

As VMAIL reported, in September Takeda was considering selling Shire’s eyecare business once its purchase of the U.K.-listed pharma company was completed. Xiidra is the Shire drug used to treat dry eye disease.

In addition, Takeda said Wednesday that its proposal to appoint three of Shire’s existing external directors (Ian Clark, Olivier Bohuon and Steven Gillis) to its board upon the closing of the deal also was approved. Each of these appointments was approved by at least 87 percent of the votes, according to Takeda.

“We are delighted that our shareholders have given their strong support to our acquisition of Shire,” Christophe Weber, president and chief executive officer of Takeda, said in the announcement. “With shareholder approval secured, we are looking forward to closing the acquisition in the coming weeks to create a more competitive, agile, highly profitable, and therefore more resilient company, poised to deliver highly innovative medicines and transformative care to patients around the world.”

The deal remains subject to approval by a “Jersey Court” at a hearing expected to be held on Jan. 3, Takeda said. It is expected the deal will be completed on Jan. 8, the announcement noted.