Takeda will be joining the ranks of the world’s top 10 drugmakers and gaining expertise in rare diseases through the deal, the biggest overseas acquisition by a Japanese company.
Takeda Pharmaceutical shareholders approved on Wednesday its $59 billion takeover of London-listed Shire, creating a global powerhouse with a stronger drugs pipeline but one that is saddled with massive debt.
Takeda will be joining the ranks of the world’s top 10 drugmakers and gaining expertise in rare diseases through the deal, the biggest overseas acquisition by a Japanese company.
It will also become one of the most indebted. In addition to issuing new shares, the company has secured $30.9 billion in bank loans.
The company’s high debt levels were a top concern for shareholders who gathered at an extraordinary meeting in Osaka, western Japan, although almost 90 percent of them voted to approve the deal as expected.
Takeda shares have fallen around 25 percent since the drugmaker revealed its interest in the acquisition in March. They closed up 1 percent at 4,240 yen on Wednesday.
“I want to keep my Takeda shares into the future, but now I am worried about further declines in the share price,” said Satoshi Ito, a 75-year-old shareholder.
