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Shire makes $30bn offer for Baxalta Shire makes $30bn offer for Baxalta
(about 3 hours later)
Shire, which makes the Adderall XR amphetamine, said it is seeking to buy fellow drugmaker Baxalta for $30bn (£19.2bn).Shire, which makes the Adderall XR amphetamine, said it is seeking to buy fellow drugmaker Baxalta for $30bn (£19.2bn).
Dublin-based Shire revealed the move after its offer, made up of stock, was turned down by Baxalta.Dublin-based Shire revealed the move after its offer, made up of stock, was turned down by Baxalta.
Baxalta, based in Illinois, develops treatments for rare blood conditions, cancer and immune system illnesses.Baxalta, based in Illinois, develops treatments for rare blood conditions, cancer and immune system illnesses.
Last year Shire itself was the target of a failed $50bn billion takeover by rival AbbVie.Last year Shire itself was the target of a failed $50bn billion takeover by rival AbbVie.
Shire said its unsolicited offer of 0.1687 Shire American depositary receipts - a type of share certificate - per Baxalta share valued each share at $45.23. Shares in Baxalta jumped about 11% in early trading. Shire said its unsolicited offer of 0.1687 Shire American depositary receipts - a type of share certificate - per Baxalta share valued each share at $45.23.
Shares in Baxalta jumped 14% in afternoon trading to $37.83 in New York.
Shire's bid is one among a series of mergers among drug makers.Shire's bid is one among a series of mergers among drug makers.
Shire itself agreed on Monday to buy eye drug company Foresight Biotherapeutics for $300m.Shire itself agreed on Monday to buy eye drug company Foresight Biotherapeutics for $300m.
Other big Shire purchases include NPS Pharma for $5.2bn this year.Other big Shire purchases include NPS Pharma for $5.2bn this year.