European Commission Approves Takeda’s $62-Billion Proposed Acquisition of Shire
Takeda Pharmaceutical Company has received clearance from the European Commission (EC) for its proposed $62-billion acquisition of Shire. Takeda and Shire received clearance from the US Federal Trade Commission for the proposed acquisition in July 2018. Takeda and Shire came to terms for a proposed acquisition of Shire by Takeda in May 2018.
The EC’s approval is conditional on Takeda and Shire fulfilling commitments given to the EC in connection with the clearance. Specifically, in relation to the future potential overlap in the area of inflammatory bowel diseases between Takeda’s marketed product, Entyvio (vedolizumab), and Shire’s pipeline compound, SHP647, Takeda and Shire have committed to divest the pipeline compound SHP647 and certain associated rights.
The acquisition has now received clearances from the EC, the US Federal Trade Commission, the Japan Fair Trade Commission, the State Administration for Market Regulation in China, and the Brazilian Administrative Council for Economic Defense, among other regulatory authorities.
Takeda has confirmed its previously announced expectation that, subject to receiving the necessary shareholder approvals and sanction of the scheme of arrangement by a court in Jersey, a UK Crown dependency, completion of the acquisition will take place on January 8, 2019. Takeda has scheduled a shareholder meeting on December 5, 2018 to vote on the acquisition.
Source: Takeda Pharmaceutical Company