Takeda Pharmaceutical Co.'s ambitions to expand in the lucrative U.S. health care market led the drugmaker to begin a painstaking examination of Shire PLC's assets more than two years prior to striking a $62 billion deal.
In particular, Shire's neuroscience unit and its gastrointestinal products sparked Takeda's interest. One hurdle, though, gave them pause: the steep purchase price.
Then the tide turned in Takeda's favor. Shire's struggling stock performance after its failed sale to AbbVie Inc. and the acquisition spree that followed — culminating with the $32 billion takeover of Baxalta Inc. — frustrated investors and prompted concerns about its strategy. To appease them, Shire in August announced a potential spinoff of its neuroscience unit, potentially valued at $10 billion to $15 billion.