Shire has completed its previously announced $32 billion acquisition of the specialty biopharmaceutical company, Baxalta.

Through the combination, Shire expects to deliver double-digit compound annual top-line growth, with over $20 billion in annual projected revenue by 2020 and approximately 65% of total annual revenues being immediately generated by its rare disease products. Shire now has more than 50 programs in clinical development, with a balanced mix of early, mid and late-stage projects.

The combined company has over 22,000 employees across more than 100 countries. Baxalta is now an indirect wholly owned subsidiary of Shire.

With the closing of the deal, Gail D. Fosler and Albert P.L. Stroucken have been appointed to the Shire Board of Directors as earlier announced on April 18, 2016.

Shire expects to generate annual operating cost synergies of at least $500 million within the first three years post-closing. Further, Shire expects to generate additional revenue synergies and a combined non-GAAP effective tax rate of 16% to 17% by 2017.

Additional details of the combined company, including 2016 financial guidance and and updated three-year synergy targets, will be provided during Shire's second quarter earnings conference call scheduled for August 2, 2016. Shire will also be hosting an Investor Day in New York on November 10, 2016, where it will share highlights of the R&D portfolio and Baxalta commercial business.

Source: Shire