Taking another step in Takeda’s ascent into the top rank of global industry players, execs at the Japanese drugmaker say that by the time they complete their $62 billion acquisition of Shire, the new company will be trading on the NYSE.
Takeda — which will keep its primary listing on the Tokyo Stock Exchange, where it has traded since 1949 — will publicly debut in New York on Christmas Eve this year.
“Our dual listing on the NYSE and TSE reflects our position as a leading global biopharmaceutical company and will provide wider capital markets access with expanded trading hours for our investors worldwide,” said CFO Costa Saroukos.
The new listing will also “facilitate ownership of Takeda shares,” the company added. Currently listed on the Nasdaq, Shire will offer its shareholders either $30.33 in cash or Takeda shares (0.839 new Takeda shares or 1.678 Takeda ADSs) for each Shire share held.
Takeda investors voted in favor of the deal just days ago, overpowering the traditionalists in the company who vehemently opposed CEO Christophe Weber’s buyout deal and officially creating a new player among the top 10 global pharma companies.
The deal is scheduled to close on January 8, 2019, right in the middle of the annual JP Morgan confab in San Francisco.
While the Nasdaq has been the preferred destination for the majority of biotechs seeking public listings, the NYSE houses pharma giants J&J and Pfizer. France’s Sanofi, however, has just announced it’s moving across.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 50,700+ biopharma pros who read Endpoints News by email every day.Free Subscription