Irish biopharmaceutical company Shire has rejected a 拢44bn takeover offer from , the third offer made by the Japanese company.
The two previous acquisition proposals made by Takeda were for 拢41bn, 拢44 per share, and 拢43bn, 拢45.50 a share, respectively.
If accepted and executed, the bids would have provided Shire with approximately 50% ownership of the enlarged Takeda.
Shire, however, rejected all three as it believes that they 鈥榮ignificantly undervalue鈥� the company, its pipeline and growth prospects.
The companies are in continued discussions, while Shire is exploring both internal and external options.
Takeda鈥檚 press statement reads: 鈥淭akeda and its board reiterate that it will remain disciplined with respect to the terms of any such offer.
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By GlobalData鈥淎s previously stated, Takeda intends to maintain its well-established dividend policy and investment grade credit rating.鈥�
The聽company believes that this acquisition will drive transformation and support its research and development, modality-diverse pipeline and financial strength.
Under UK takeover rules, Takeda has until April 25 to make a firm offer or walk away, after it said last month it was considering a bid.
Shire has been under pressure in the past 12 months, with its shares down by a third before Takeda鈥檚 interest was made public, due to greater competition from generic drugs and debts from its $32bn acquisition of Baxalta in 2016.
Meanwhile, another聽Irish pharmaceutical聽company, , also revealed it did not intend to make an offer to acquire Shire.
A statement from Allergan read: 鈥淎llergan continues its ongoing process of evaluating a full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions.鈥�
