Takeda gets US FTC green light for Shire bid

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Takeda Pharmaceutical Co. TKPYY, +0.07% said Tuesday that it has received clearance from the U.S. Federal Trade Commission for its proposed $62 billion acquisition of Shire PLC SHP

The deal remains subject to a number of conditions, including regulatory clearances and approval by shareholders of both companies, Takeda said.

The Japanese company said on May 8 that it had reached an agreement to buy Shire, capping a monthslong battle for control of the European drugmaker and marking the biggest-ever overseas acquisition by a Japanese company.

Shire's board agreed Takeda could buy it at $64.83 a share--$30.33 in cash and 0.839 of a Takeda share for each Shire share.

The acquisition would create the world's eighth-largest drugmaker, with combined sales of around $30 billion. It bolsters Takeda Chief Executive Christophe Weber's mission to gain a better foothold in lucrative markets such as the U.S. and Europe.

Takeda said at the time that it expected to close the deal in the first half of 2019, after which it planned to list the combined entity on the Tokyo Stock Exchange, where Takeda is currently listed.

--Preetika Rana contributed to this article.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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