Takeda Pharmaceutical has won shareholder approval to finance its £46 billion (US$58.6 billion) purchase of Shire, paving the way for Japan’s largest corporate takeover and the creation of a global drugmaker with combined revenues of US$32 billion.
The vote on Wednesday, December 5, caps months of aggressive campaigning by Christophe Weber, Takeda’s CEO, to fend off attempts by founding family members to derail a deal that the 237-year-old group sees as pivotal to securing its place among the world’s top 10 pharmaceutical companies.
According to the Wall Street Journal, the acquisition propels 237-year-old Takeda into the big leagues, making the combined entity the world’s eighth-largest drugmaker by sales, and reflects how Japan’s corporate titans are looking abroad to fuel growth. Together, the companies would be estimated to earn half their revenue from the US, up from the roughly one-third that Takeda makes now. Takeda also estimates annual savings would reach at least US$1.4 billion three years after the merger.