Shire-Baxalta Master Merger Finally Done and Dusted!
The former Baxter BioScience global biopharmaceutical business now known as Baxalta is focusing on offering therapeutics for orphan diseases. The merger came into a completion after shareholders of both companies voted in favor of the deal. On this completion, the appointment of Baxalta board members Gail D. Fosler and Albert P.L. Stroucken as nonexecutive directors to Shire’s board have taken effect,
The state of shareholders is taken care of as they will receive a combination of $18 in cash and 0.1482 Shire ADS’s for each Baxalta share. About 0.4446 of a Shire ordinary share is promised if the shareholder is validly elected to receive ordinary shares. Baxalta will continue to work with Shire at Dublin where it is to be re-domiciled to facilitate convenience and due to lower corporate taxes than U.S.
Shire’s goal of reaching $20 billion by 2020 would be surpassed as 65% of its total annual revenues will be raised from its rare disease products. This giant merger has brought a large workforce with 22,000 employees across more than 100 countries, as well as more than 50 programs directed towards therapeutics and treatment strategies for rare diseases.
Shire will be expanding Baxalta’s R&D site at Kendall Square in Cambridge, MA, by adding 100 to 200 more employees.
Flemming Ornskov M.D., M.P.H.,, and CEO of Shire proudly declared, “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. As we launch our combined company today, we have a talented and experienced extended leadership team in place to guide the organization in achieving our goals. Working together, the possibilities are tremendous for our patients, healthcare partners, and, importantly, our people, with opportunity for additional value creation for our shareholders.”
No wonder this merger has made Shire the most powerful and leading biopharmaceutical company at the rare diseases venture.
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