Sector News

Shareholders approve $32bn Shire/Baxalta marriage

May 31, 2016
Life sciences

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

comments closed

Related News

July 14, 2024

Flagship raises $3.6B for biotech investing

Life sciences

Flagship Pioneering said Wednesday that it’s added another $3.6 billion to its capital base, bringing the total raised since 2021 to $6.4 billion. Meanwhile, Flagship announced more than a dozen promotions and new hires in its leadership ranks. The changes include the promotions of Lovisa Afzelius and Paul Biondi to general partner and the addition of Dina Ciarimboli as general counsel and executive partner.

July 14, 2024

Mikael Dolsten set to leave Pfizer, sparking search for CSO successor

Life sciences

After 15 years at Pfizer, including a career-defining pandemic period, the chief scientific officer will leave the Big Pharma once the drugmaker finds his successor. Dolsten joined Pfizer when the company closed a megamerger with Wyeth in 2009. Pfizer made Dolsten president of worldwide R&D the following year. The executive has stayed at the top of Pfizer’s R&D tree ever since.

July 14, 2024

CDMO Lotte breaks ground on $3.3B production plant in Korea, touts growth goals

Life sciences

Late last week, Lotte Biologics broke ground on its flagship facility at the Songdo Bio Campus in Incheon International City, South Korea. The company is pitching the production effort as a key part of its quest to become one of the top 10 contract development and manufacturing organizations (CDMOs) in the world, Lotte said in a press release.

How can we help you?

We're easy to reach