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Monday, January 11, 2016

Shire combines with Baxalta, creating the 
Global Leader in Rare Diseases


Combination creates leading global biotechnology company projected to deliver double-digit top-line growth with over $20 billion in annual revenues by 2020:
  • No. 1 platform in rare diseases expected to generate 65% of total annual revenues
  • Multiple, durable billion-dollar franchises, each with best-in-class products
  • Robust portfolio includes over 30 recent and planned product launches with $5 billion sales potential by 2020
  • Efficient structure expected to yield annual operating cost synergies of over $500 million, withadditional revenue synergies and a combined non-GAAP effective tax rate of 16-17%
  • Accretion to non-GAAP diluted EPS anticipated in 2017, the first full calendar year of
  • ownership, and beyond
  • Attractive ROIC expected to exceed Shire’s cost of capital in 2020
  • Wayne T. Hockmeyer, Baxalta’s Chairman, expected to become Deputy Chairman, and two additional Directors to be included from the Baxalta Board
Dublin, Ireland and Bannockburn, Illinois – January 11, 2016 – Shire plc (LSE: SHP, NASDAQ: SHPG) and Baxalta Incorporated (NYSE: BXLT) today announced that the boards of directors of both companies have reached an agreement under which Shire will combine with Baxalta. Under the agreement, Baxalta shareholders will receive $18.00 in cash and 0.1482 Shire ADS per Baxalta share. Based on Shire’s closing ADS price on January 8, 2016, this implies a total current value of $45.57 per Baxalta share, representing an aggregate consideration of approximately $32 billion. The exchange ratio is based on Shire’s 30-day trading day volume weighted average ADS price of $199.03 as of January 8, 2016, which implies a total value of $47.50 per Baxalta share.

The value of the offer, as of Shire’s January 8, 2016 closing ADS price, represents a premium of approximately 37.5% to Baxalta’s unaffected share price on August 3, 2015, the day prior to the public announcement of Shire’s initial offer for Baxalta. This will provide Baxalta shareholders with approximately 34% ownership in the combined company. The parties expect the transaction to close mid-2016

Combination Creates the Global Leader in Rare Diseases with a Sustainable Platform for Future Innovation, Growth and Value Creation

The combination of Baxalta and Shire will create the number one rare diseases platform in revenue and pipeline depth, with best-in-class products in each of the following growing, multibillion-dollar franchises: Hematology; Immunology; Neuroscience; Lysosomal Storage Diseases; Gastrointestinal / Endocrine; and Hereditary Angioedema (HAE). The combined company will also possess a growing franchise in Oncology, with approved products and innovative compounds in development, as well as a robust late-stage Ophthalmics pipeline.

The combined portfolio will have an expanded range of therapeutic areas with more than 60 programs in development, including over 50 that will address rare diseases and the newlyapproved Baxalta products ADYNOVATE, VONVENDI and OBIZUR. Shire anticipates more than 30 recent and planned product launches from the combined pipeline, contributing approximately $5 billion in annual revenues by 2020.

Further, the combined company will benefit from expanded geographic reach across more than 100 countries, with a high-quality commercial organization and world-class manufacturing 2 operations. Through a balanced portfolio and expanded therapeutic expertise and capabilities, the combination will enhance revenue diversification and optionality for the business, while strong cash flows will increase financial and operational scale. In total, the proposed combination will create a sustainable platform for future innovation and growth, yielding projected near and long-term value for shareholders. 

Source: Shire Press Release

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.·. Miguel Ángel MEDINA CASABELLA, MSM, MBA, SMHS .·.
Especialista en Management Estratégico, Gestión del Cambio e Inversiones
Representante de The George Washington University en Foros y Ferias de LatAm desde 2001
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