Shire shareholders approve Baxalta merger

Shire’s shareholders have approved the company’s $32bn merger with US-based Baxalta Inc.

The Dublin-based pharmaceuticals group said on Friday that 93.8% of its shareholders voted in favour of the deal, which is expected to complete on 3 June.

Chief executive Flemming Ornskov said: “We are pleased to take this important step toward completing our combination with Baxalta, and are grateful that our shareholders have voiced their support by approving this transaction.

“The combination will allow us to realise our goal of building the leading global biotechnology company focused on rare diseases and other highly specialized conditions, offering greater opportunities for our patients, healthcare partners and employees. As our teams continue to plan our integration, we anticipate a smooth and timely transition for all of our stakeholders, and I am excited about what we will be able to achieve together for the benefit of our patients worldwide.”

Shire announced the purchase of Baxalta back in January, saying it would pay $18 in cash and 0.1482 Shire ADS for each of its rival’s shares, implying a price of $45.57 per share of Baxalta, above a previous bid of $45.23.

Shire said at the time that it expected to achieve annual operating cost synergies of over $500m.

At 0918 BST, Shire shares were down 0.4% to 4,330p.