Deals
Shire Wins Baxalta With Revised $32 Billion Bid, Adding Cash
- Baxalta holders to get $18 in cash, 0.1482 of Shire's ADRs
- Shire expects to cut more than $500 million a year in costs
Inside Shire's Deal to Buy Baxalta for $32B
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Shire Plc won over Baxalta Inc. by adding cash to sweeten a takeover bid worth about $32 billion and become the world’s biggest maker of drugs for rare diseases.
The price includes 0.1482 of Shire’s American depositary receipts and $18 in cash for each Baxalta share held, the companies said in a joint statement. Baxalta had rebuffed an unsolicited $30 billion all-stock bid that valued the Deerfield, Illinois-based company at $45.23 a share in July. Shire shares fell to the lowest in 15 months in London trading.