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News : Innovation Last Updated: Jul 15, 2014 - 12:10 PM

Shire recommends £31.4bn takeover bid - "Irish" drugs firm run from Boston, listed in London
By Michael Hennigan, Finfacts founder and editor
Jul 14, 2014 - 8:19 AM

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Shire Plc, the Irish headquartered company that is run from Boston, USA, and listed in London, announced today taht it’s willing to recommend to its shareholders an AbbVie Inc. takeover for £31.4bn ($53.7bn) in cash and stock, after the US drugmaker raised its offer again.

Shire said the bid from AbbVie of £53.20 a share, is 9.2% higher than Shire’s closing share price last Friday.

AbbVie had made four other offers for as much as £30.1bn and shire shareholders would have a 25% stake in AbbVie - -  the current US minimum foreign stake for a US company to move its tax residency to Ireland and avail of the 12.5% corporation tax rate, is 20%.

“The board of Shire has indicated to AbbVie that it would be willing to recommend an offer at the level of the revised proposal to Shire shareholders subject to satisfactory resolution of the other terms of the offer,” Shire said today in a statement. “Accordingly, the board is in detailed discussions with AbbVie in relation to these terms.”

Shire said it provides treatments in rare diseases, neuroscience, gastrointestinal and internal medicine and "we are developing treatments for symptomatic conditions treated by specialist physicians in other targeted therapeutic areas, such as ophthalmology."

AbbVie says it "is focused on developing new medicines to address chronic progressive diseases in the field of immunology, including rheumatology and dermatology. AbbVie is investigating several diseases which have few or no treatments, including uveitis, hidradenitis suppurativa, pediatric Crohn’s disease, osteoarthritis and lupus."

AbbVie has 25,000 employees and Shire has about 5,300.

Ireland's gross national product (GNP) is set to rise once the deal is completed.

Finfacts July 2014: US-Ireland Tax Inversions 600,000+ staff: Kenny, Noonan met with top US corporate lawyers

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