Takeda Pharmaceutical Co. said Monday it expects its annual consolidated sales to nearly double to $31.3 billion after acquiring Irish drugmaker Shire PLC, a move that will make it a global top 10 company in the industry.
The company also said it will issue approximately 770 million new shares, which, along with cash, will be used to obtain shares in Shire held by its shareholders.
The acquisition will enable Takeda to be "a leading company in bio-pharmaceutical," President Christophe Weber said Monday in Tokyo.
It is the biggest-ever Japanese acquisition of a foreign firm.
Takeda's group sales stood at about ¥1.77 trillion in the business year ending March last year. While the deal is expected to raise the company's sales to about ¥3.4 trillion, it will also increase Takeda's net interest-bearing debt to more than ¥5 trillion, about 10 times the amount before the acquisition.
Through the acquisition to be completed Tuesday, Takeda aims to boost sales in medicines for rare diseases such as hemophilia and expand its business in the key U.S. market.