3rd Jun 2016 07:51
LONDON (Alliance News) - Irish drugmaker Shire PLC on Friday said it has completed its USD32.0 billion takeover of the US's Baxalta Inc and expressed confidence in the revenue growth that the combined business will deliver.
Dublin-based Shire entered into talks to buy Chicago-based Baxalta in August last year, shortly after Baxalta had been spun off from Baxter International Inc. The deal was approved by 94% of Shire's shareholders last week, paving the way for the completion on Friday.
FTSE 100-listed Shire said the combined business is expected to deliver double-digit compound annual top-line growth, with revenue to rise to USD20.0 billion by 2020. That would compare to the USD6.42 billion in revenue Shire alone reported for 2015.
"Upon the completion of our combination with Baxalta, Shire is now the global leader in rare diseases, with the number one rare diseases platform based on both revenue and pipeline programs. With our multiple high-value franchises, each with best-in-class products and a robust innovative portfolio, we further extend our capabilities for innovation and sustainable growth with patients at the centre of everything we do," said Shire Chief Executive Flemming Ornskov.
"We have made impressive progress on integration planning since announcing the combination, moving much faster than other transactions of similar size based on benchmarks, to create certainty for our employees and to better serve our patients and customers going forward," he added.
Shire shares were up 0.6% to 4,474.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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