Deals

Takeda in Focus for Shire After Allergan's Brief Flirtation

Shire said Takeda offer undervalued, but negotiations ongoing
Allergan said it may bid, then backs away hours later Thursday

Bloomberg’s Drew Armstrong discusses Allergan saying it will not make a bid for Shire.(Source: Bloomberg)

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By Lisa Du, Maiko Takahashi, and Cynthia Koons

April 19, 2018 at 12:20 PM UTC

Updated on

April 20, 2018 at 7:50 AM UTC

This article is for subscribers only.

It’s back to Takeda Pharmaceutical Co.’s move in the battle over the future of Shire Plc.

In a dramatic turn, Allergan Plc on Thursday said it was considering making an offer for Shire, but then hours later said it wouldn’t make a bid. That came after Shire rejected Takeda’s proposal of 46.50 pounds ($65.50) a share -- that’s worth about $60 billion. Shire said the current terms “significantly undervalue the company and Shire’s growth prospects and pipeline,” though added it’s willing to negotiate.