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.
