The boards of directors of Shire plc and Baxalta Incorporated have reached an agreement under which Shire will combine with Baxalta.
Shire CEO Flemming Ornskov, M.D., M.P.H., commented: “This proposed combination allows us to realize our vision of building the leading biotechnology company focused on rare diseases. Together, we will have leadership positions in multiple, high-value franchises and become the clear partner of choice in rare diseases. Our expanded portfolio and presence in more than 100 countries will drive our growth to over $20 billion in anticipated annual revenues by 2020.”
Baxalta CEO Ludwig N. Hantson, Ph.D., commented: “The announcement marks a new path forward for our organization and is a testament to the significant progress we have made in achieving our strategic business priorities. We bring to Shire a strong portfolio and pipeline of market-leading products, high-quality manufacturing capabilities and a talented global workforce that places patients at the center of everything we do. The combined organization will be well positioned to accelerate innovation and deliver enhanced value for all stakeholders.”
Baxter International Chairman and CEO José E. Almeida commented: “Baxter fully supports the proposed combination of Shire and Baxalta, which will create a major biotechnology company and global leader in rare diseases. Baxter is pleased to support this value enhancing transaction.”
The portfolio will include over 20 leading brands and a robust pipeline of expected new product launches with complementary positions across growing multi-billion-dollar franchises. Shire brings HAE leadership through its currently approved prophylactic and acute therapies, Cinryze and Firezyr, respectively, and—pending completion of the Dyax acquisition—a Phase 3, potentially transformative prophylactic therapy.