Shire is reportedly preparing a second approach for Baxter spin-off Baxalta, after its initial $30-billion hostile takeover bid was spurned by the US rare disease biotech earlier this year.
A source “with direct knowledge of the situation” has told Reuters that the Anglo-Irish drugmaker has asked its advisers to construct a new deal, which could comprise a mix of cash and shares.
Baxalta shares leapt more than 10% on news of a potential renewed bid which, if successful, would create a global leader in rare diseases with product sales of around $20 billion by 2020, with the financial and operational firepower to fuel further innovation and growth, according to Shire.
“We believe the proposed combination of Shire and Baxalta would be strategically and financially attractive for both of our companies, accelerating our respective growth ambitions and creating the leading global biotech company in rare diseases,” chief executive Flemming Ornskov recently said.
Earlier this month the drugmaker sealed a deal to buy Dyax for some $6 billion, but at the time Ornskov was quick to stress that the move would not impede on its ability to complete other “value-added strategic transactions, including Baxalta.”