Japanese drugmaker Takeda has agreed to buy Shire for 46 billion pounds ($62.4 billion) in cash and stock, one of the biggest deals ever in the pharmaceuticals industry, the companies said Tuesday. Shire gives Takeda a larger presence in the U.S. and expertise in rare diseases, an increasingly important area for pharmaceutical companies as patents on established drugs expire. Takeda, meanwhile, has like many Japanese companies been expanding overseas to compensate for slowing growth at home. The deal recognizes "the strong growth potential of our leading products and innovative pipeline," Shire Chairman Susan Kilsby said. Shareholders of Takeda Pharmaceutical Co. and Shire Plc will each own about 50 percent of the merged company.

Source: ABC News May 08, 2018 08:41 UTC