Takeda sweetens $60 billion Shire pitch as rival bows out

Allergan has done a U-turn on considering a massive bid for biotech firm Shire, the latest twist in a saga that has p...

Posted: Apr 20, 2018 11:57 AM
Updated: Apr 20, 2018 11:57 AM

Allergan has done a U-turn on considering a massive bid for biotech firm Shire, the latest twist in a saga that has played havoc with pharmaceutical stocks this week.

Shire has already been approached by Japanese drugmaker Takeda, which said Thursday it had proposed paying about -42.4 billion ($60 billion) for the company.

Reuters then reported Thursday that Allergan, whose headquarters are in Dublin, was also considering a bid for Shire, citing unnamed sources. Allergan responded with a statement saying that it was "in the early stages of considering a possible offer for Shire."

The news sent Shire's shares skyrocketing as much as 12% in London trading. They closed up nearly 6%. Meanwhile, Allergan's stock in New York sank as much as 8.5%.

But Allergan later killed the speculation, saying in a statement that it "does not intend to make an offer for Shire." The company said it will continue "evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions."

Related: The next mega merger could be a $60 billion drug deal

Allergan shares trimmed their losses, closing down about 4%. Shire's stock sank more than 3% early on Friday.

Takeda's shares have also taken a beating from all the talk of a blockbuster offer. They closed down nearly 5% in Tokyo on Friday.

Shire said in a statement that it had received and rejected three different proposals from Takeda in the past month.

It said its board and management were "focused on fully evaluating internal and external opportunities to maximize value for shareholders, including any further proposals from Takeda."

If Takeda formally makes a takeover bid of $60 billion or more, it would be the biggest so far this year, according to data from Dealogic.

And if a takeover of that scale goes through, it would be the third biggest acquisition of a UK-traded company in history.

-- Alanna Petroff contributed to this report.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 307332

Reported Deaths: 7095
CountyCasesDeaths
DeSoto20757248
Hinds19869408
Harrison17475302
Rankin13307275
Jackson13095243
Madison9886210
Lee9854169
Jones8289160
Forrest7522146
Lauderdale7185237
Lowndes6261144
Lamar610284
Lafayette6026117
Washington5279132
Bolivar4769129
Oktibbeha455297
Panola4440103
Pearl River4418139
Warren4277118
Marshall4267100
Pontotoc416472
Monroe4056132
Union403575
Neshoba3984176
Lincoln3869107
Hancock371985
Leflore3468124
Sunflower329389
Tate322681
Pike3177104
Scott310472
Yazoo304268
Alcorn297664
Itawamba296776
Copiah292965
Coahoma289677
Simpson287484
Tippah284668
Prentiss275659
Marion265679
Wayne261341
Leake260973
Grenada254882
Covington254380
Adams245882
Newton244859
George237647
Winston225981
Tishomingo222067
Jasper219748
Attala213273
Chickasaw204857
Holmes186471
Clay182354
Stone179131
Clarke176676
Tallahatchie175240
Calhoun163130
Yalobusha158636
Smith158534
Walthall130543
Greene129433
Lawrence126223
Noxubee125833
Montgomery125542
Perry125138
Carroll120826
Amite119941
Webster113432
Jefferson Davis105332
Tunica102525
Claiborne101330
Benton97225
Kemper95126
Humphreys94332
Franklin81723
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
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Alabama Coronavirus Cases

Cases: 518588

Reported Deaths: 10712
CountyCasesDeaths
Jefferson753351487
Mobile37698798
Madison33829494
Tuscaloosa25245443
Montgomery23942565
Shelby23094238
Baldwin20617300
Lee15510165
Calhoun14277311
Morgan14137268
Etowah13660345
Marshall11952219
Houston10379278
Elmore9988200
Limestone9806147
Cullman9467188
St. Clair9422234
Lauderdale9208227
DeKalb8745181
Talladega8042171
Walker7087275
Jackson6753110
Autauga6715103
Blount6480135
Colbert6200130
Coffee5397112
Dale4766110
Russell428238
Franklin419882
Chilton4080109
Covington4053114
Tallapoosa3892146
Escambia387574
Dallas3526149
Chambers3499122
Clarke346360
Marion3065100
Pike305475
Lawrence295295
Winston272272
Bibb256258
Marengo248561
Geneva245875
Pickens232959
Barbour224755
Hale218675
Butler212266
Fayette208960
Henry187844
Cherokee182044
Randolph176741
Monroe171240
Washington163838
Macon154348
Clay149354
Crenshaw149257
Cleburne146041
Lamar139234
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99228
Greene90734
Choctaw58624
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