Takeda’s investors have approved the company’s $59bn (£46bn) takeover of Irish drugmaker Shire following months of wrangling with unhappy stakeholders.
Despite a chorus of unhappy investors who have gone public with their anger about the deal, 88 per cent of shareholders’ votes came down in favour of the proposal, Takeda said this morning.
The deal will propel the Japanese drugmaker into the world’s top 10 pharmaceutical companies, and bring expertise in rare diseases.
However, several Takeda shareholders, including descendants of the 237-year-old company’s founder Chobei Takeda, had voiced concerns over the acquisition of Shire, the larger of the two companies.
They said the takeover, which will be the largest international deal with a Japanese buyer in history, will push Takeda into heavy debt as it secured almost $31bn in loans for the acquisition.
The deal is expected to close on 8 January if it passes a vote by Shire shareholders later today .
Takeda chief executive Christophe Weber said: “With shareholder approval secured, we are looking forward to closing the acquisition in the coming weeks to create a more competitive, agile, highly profitable, and therefore more resilient company, poised to deliver highly innovative medicines and transformative care to patients around the world.”
Takeda will appoint three of Shire’s directors to its board as part of the deal.
The company, whose shares have dropped by a quarter since the proposals were revealed in March, closed up about one per cent this morning, while Shire is trading up 2.6 per cent to 4,668p.