One of Britain’s biggest drug companies has initiated a $30 billion hostile takeover of Baxalta, an American rival, as it seeks to become the world’s leading supplier of medicines for rare diseases.
Shire has made public its all-share approach after being rebuffed by the management of Baxalta, which is known for its drugs that treat rare blood disorders, such as haemophilia.
Flemming Ornskov, the chief executive of Shire, said that combining the businesses would create a company with the biggest portfolio of drugs for “orphan” diseases and the potential to generate $20 billion of sales by 2020. He said that he was puzzled at Baxalta’s “lack of engagement” in a deal that could provide “firepower for further innovation and future growth”.
Dr Ornskov added: “We