Takeda faced a deadline of Tuesday set by United Kingdom regulators to make a firm offer for Shire, walk away or extend the deadline.
Shire has offered Takeda a large presence in the US and an expertise in the rare diseses.
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Those savings, coupled with increased cash flows, will be important to help Takeda achieve its goal of quickly paying down some of the large debt burden it will take on to pay for the deal.
Shire shareholders will grab $30.33 (£22.42) in cash and 0.839 new Takeda shares, unchanged from the company's final offer. Takeda's latest acquisition will be Shire for roughly 46 billion pounds ($62.2 billion) in a deal expected to officially close in the first half of 2019.
Shire's shares were trading 4 per cent up on the previous close at just over £40 by 1000GMT, still well under the agreed price and indicating that some uncertainty remains. Shire is based in Ireland and listed on the London Stock Exchange. Takeda's acquisition is part of its strategy to expand internationally and add to its cancer, stomach and brain drug portfolios.
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Although the deal must get the support of 75 percent of Shire's voting shareholders, some of whom do not want to hold Takeda paper, Weber told reporters he believed investors would back the transaction.
"I think it is a good deal for Shire shareholders but not everybody may think that". Last year, it purchased Ariad Pharmaceuticals, allowing them to further develop their oncology unit. Takeda expects to reduce overall headcount of the combined company by between 6% and 7% over the next three years, with layoffs in R&D as well as sales.
The two companies now have more than 50,000 employees between them worldwide and more than 5,000 in MA, making it potentially the biggest pharmaceutical employer in the state. The combined company will be headquartered in Japan, but Takeda said it will boost its research and development presence in the Boston area, where both companies have sites. And it intends to keep its investment-grade credit rating, targeting a debt-to-EBITDA ratio of 2x or less in a few years.
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The transaction gives Takeda, a maker of cancer and gastroenterology drugs, greater access to the U.S. market, while Shire will get greater exposure in Japan and emerging markets. Since then, it has grown rapidly through acquisitions to generate revenues of about $15.2 billion past year.