Takeda starts to assemble a list of products it plans to auction off after Shire buyout — report
First comes the big M&A deal. Then comes the product sales to help pay for it.
Bloomberg this morning reports that Takeda is already considering what it wants to put up for sale, ahead of closing on its $62 billion Shire buyout. And ophthalmology — a group near and dear to the heart of Shire CEO Flemming Ornskov — looks like it’s headed for the auction block.
The dry eye therapy Xiidra (lifitegrast), one of the potential blockbuster drugs that Ornskov steered to an approval in 2016, is on the list of possible divestments, sources tell the business news group. And Natpara — sold to treat low blood calcium associated with decreased parathyroid hormone — is also on the list.
There’s no final decision, these people are telling Bloomberg, but Takeda is looking at a sale that could raise $4 billion to $5 billion.
That’s not surprising. Most buyouts are followed by a lengthy period of deals to narrow down the pipeline and the portfolio, and Takeda — which is taking on a heavy debt to complete the big acquisition — will be no exception. That was underscored earlier in the week as the company acknowledged that it is shuttering its HQ in the Chicago area, where it has a staff of about a thousand, and relocating the group to the Boston area.
Takeda has been patiently collecting regulatory approvals for the global alliance, expecting to complete the deal next year.