Takeda Pharmaceutical Acquires Irish Shire in Largest Foreign Acquisition in Japanese History

Japanese pharmaceutical giant Takeda Pharmaceutical announced on Tuesday that it has reached an agreement to acquire Irish drugmaker Shire for approximately £46 billion ($62 billion).

This marks the largest foreign acquisition in Japanese corporate history.

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Takeda improved its offer to £49.01 per share in cash and stock, compared to the £47 offered on April 25. The companies had extended the deadline for negotiations until today.

The acquisition of the Dublin-based Irish company will provide Takeda access to treatments for rare diseases. Additionally, Shire has a significant presence in the U.S. market, which could prove beneficial for its new Japanese partner.

The completion of the transaction is expected in the first half of 2019.

“Shire’s highly complementary portfolio of existing products and those in development, along with its experienced employees, will accelerate our transformation into a stronger Takeda,” said Christophe Weber, president of the Japanese company, in a statement.

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“We firmly believe that this combination recognizes the strong growth potential of our leading products and our innovative planned projects,” said Susan Kilsby, chairwoman of the Irish manufacturer.

Like many Japanese companies, Takeda is expanding its business abroad due to a shrinking domestic market. Last year, it acquired Ariad Pharmaceuticals, a U.S.-based oncology drug manufacturer, for $5.2 billion, Dpa recalls.