Shire turns down Takeda, Allergan toys with buy

By Flora Southey contact

- Last updated on GMT

Shire has rejected Takeda’s acquisition proposals saying the offers ‘undervalue’ its pipeline and potential for growth.

On Thursday, Shire confirmed​ it had received three conditional acquisition proposals from the Japanese firm Takeda – the most recent for approximately £44bn ($61bn).

Shire has rejected all three, saying the offers “significantly undervalue” the firm, its growth prospects, and pipeline, though Takeda said​ discussions between the parties are ongoing.

Jefferies’ analyst David Steinberg said it is likely Takeda will come back with another offer​.

“There is likely a price close to the third Takeda bid ($198/ADR) many SHPG [Shire] shareholders favour but arguably the cash component needs to be higher,” ​he said.

Last month, Takeda said​ the potential merger would enhance its R&D strategy, reinforce its pipeline, and improve its geographic focus to align with market opportunity in the US.

Allergen considers buy

Allergan announced​ on Thursday that it was in the ‘early stages’ of considering a possible acquisition offer for Shire.

But, later that same day, said​ it did not intend to make an offer.

As in-PharmaTechnologist previous reported​, Shire has sold its oncology business to French firm Servier to better align its long-term strategy.

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