Japanese drugmaker Takeda has agreed to buy Shire Plc for 46 billion pounds ($62.4 billion) in cash and stock — one of the biggest deals ever in the pharmaceuticals industry, the companies said in statements Tuesday. Shire gives Takeda a larger presence in the U.S. and expertise in rare diseases, an increasingly important area for pharmaceutical companies. The deal recognizes "the strong growth potential of our leading products and innovative pipeline," Shire Chairman Susan Kilsby said. Responding to investor concern about the deal, Takeda pledged to quickly reduce its debt and maintain the company's investment grade credit reading. Takeda and Shire shareholders will each own about 50 percent of the merged company.

Source: ABC News May 08, 2018 07:36 UTC