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Baxalta executive says will not do defensive M&A

September 17, 2015
Life sciences

(Reuters) – A top executive at Baxalta Inc , which was approached with a takeover offer from Shire PLC, said on Wednesday the company did not plan to rush into doing a defensive deal to try to fend off its unwanted suitor.

Chief Financial Officer Bob Hombach said during a presentation webcast from the Morgan Stanley Global Healthcare conference that the company was still interested in doing deals that made sense, but that it would not change its strategy “just because somebody knocked on our door on day 1.”

Shire approached Baxalta shortly after it was spun off from Baxter International into a standalone public company. Baxalta has so far rejected the offer.

Baxalta shares closed up 1 cent at $37.07 on the New York Stock Exchange. (Reporting by Caroline Humer; Editing by Meredith Mazzilli)

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