Shire / Baxalta
Dublin-based Shire plc said on Jan. 11 that it had struck a cash-and-stock deal to acquire Bannockburn, Illinois-based Baxalta Inc. after a five-month pursuit. In August, Shire had announced a $30 billion all-stock takeover bid for Baxalta, which was turned down by the target. But Shire sweetened its offer. In the current offer, valued at $32 billion, Shire will pay $18 in cash and 0.1482 Shire American depositary shares for each Baxalta share.
Baxalta, a biopharmaceutical company that focuses on orphan drugs in the hematology, immunology and oncology sectors, was spun off by Deerfield, Illinois-based drug giant Baxter International Inc. last summer. Baxalta says that the current transaction with Shire will maintain the tax-free status of that spinoff—a crucial detail reported to be the tipping point in getting a deal done. Additionally, since Shire is based in Ireland, Baxalta will benefit from a lower tax rate.
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