LONDON (Reuters) – London-listed pharmaceutical group Shire SHP.L said it was seeking to buy U.S. firm Baxalta BXLT.N in a $30 billion all-share deal to create a global specialist in medicines treating rare diseases with sales of $20 billion by 2020.
Shire went public with its proposal on Tuesday after Baxalta rejected the approach. Shire said it had offered to pay 0.1687 Shire ADR for each Baxalta share, implying a value of $45.23 per Baxalta share and a premium of 36 percent over Baxalta’s stock price as on August 3.
Shares in Shire were down 8 percent on the news.
(Reporting by Paul Sandle; editing by Kate Holton)