Takeda preps another drug auction as execs look to further trim its post-Shire buyout debt load — report
Takeda is polishing up another piece of the drug portfolio for auction as it looks to whittle down the big debt it took on to buy Shire.
After selling off Xiidra to Novartis for $5.3 billion, Reuters now reports Takeda has a slate of OTC and prescription drugs in Europe it’s packaged together and priced at a hopeful $1.7 billion. Earnings ahead of EBITDA are 160 million euros a year, so the range is just over 10X.
JP Morgan is helping scout out buyers.
Takeda CEO Christophe Weber bet the farm on the Shire takeover, going deep into rare diseases as he continued a drive to make the company into a top 10 global player. In doing so he presaged the Celgene and Allergan deals, which have topped a hectic M&A pace in 2019.