Deals
Shire Seeks to Lure Baxalta Into Talks With $30 Billion Bid
What Happens When Drug Companies Get Bigger?
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Shire Plc made an unsolicited offer to buy one-month-old Baxalta Inc. for about $30 billion in stock to bolster its focus on rare diseases, a move that may fend off larger drugmakers looking at its own assets for a tax break.
Baxalta, a business spun off by Baxter International Inc. last month, rejected Shire’s offer of about 0.1687 American depositary receipts for each share held. The proposal values the target company’s stock at $45.23, a 36 percent premium over yesterday’s close. Baxalta jumped 12 percent to $37.10 in New York, while Shire slumped.