Shire completes Baxalta takeover
UK drugmaker Shire (LSE: SHP) on Friday announced the completion of merger with rare disease specialist Baxalta (NYSE: BXLT).
The company said it sees the joint firm to deliver double-digit compound annual top-line growth, with over $20 billion in annual projected revenue by 2020 and about 65% of total annual revenues being immediately generated by its rare disease products.
Following the deal Shire now has more than 50 programs in clinical development, the company said in a statement.
Shire Chief Executive Officer Flemming Ornskov, said: “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.”
The combined entity will generate annual operating cost synergies of at least $500 million within the first three years post-closing. Further, Shire expects to generate additional revenue synergies and a combined non-GAAP effective tax rate of 16-17% by 2017.
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