Takeda Pharmaceutical Co. won approval from shareholders on Wednesday for its plan to purchase Irish drugmaker Shire Plc. in what would be the biggest-ever overseas acquisition by a Japanese company.
At an extraordinary meeting, Takeda shareholders gave the nod to a plan to buy the Dublin-based company for 46 billion pounds ($ 58 billion) to create the world’s ninth-largest drugmaker with combined sales of about 2.8 trillion yen.
The approval came against the opposition of a group of shareholders who had sought to vote down the takeover plan since their initial attempt to do was rejected at a general shareholders’ meeting in June. They believe the deal is too costly to pursue.
The shareholders opposing the plan include Kunio Takeda and Kazuhisa Takeda, founding family members and a former chairman and former director of Japan’s largest drugmaker, respectively.
Takeda is looking to bolster its research and development operations through the acquisition of London-listed Shire, which has strength in developing medicines for rare diseases including hemophilia. More than 60 percent of Shire’s sales have been in the United States.
Takeda is in the midst of efforts to seek approval from antitrust regulators after gaining the green light from authorities in the United States, Japan and China and aims to complete the deal by early January.
All — Kyodo News+