Shire’s proposal to acquire Baxalta for around $32 billion and create “the global leader in rare diseases” has now been approved by both sets of shareholders.
Earlier this year the firms announced a definitive merger agreement giving Baxalta shareholders $18.00 in cash and either 0.1482 Shire ADSs or 0.4446 Shire Ordinary shares per Baxalta share.
According to the firms, the marriage will create the number one rare diseases platform in revenue and pipeline depth, which is predicted to generate annual sales of more than $20 billion by 2020.
The combined portfolio will house more than 60 programs in development, including over 50 that will address rare diseases, and Shire anticipates more than 30 recent and planned product launches from the combined pipeline, contributing around $5 billion in annual revenues by 2020.
“The combination will allow us to realise our goal of building the leading global biotechnology company focused on rare diseases and other highly specialized conditions, offering greater opportunities for our patients, healthcare partners and employees,” noted Shire’s chief executive, Flemming Ornskov.
The transaction is now expected to close in June 3.
By Selina McKee
Source: Pharma Times
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
