Japan-based Takeda Pharmaceutical has officially completed the acquisition of UK headquartered Shire for a total consideration of $62bn. This makes Takeda one of the top ten pharmaceutical companies in the world.

Shire agreed to the takeover in May last year, after receiving a series of bids from the Japanese pharmaceutical company. The deal was subject to multiple customary approvals.

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While the Japan Fair Trade Commission approved the deal in October last year, the UK court sanctioned it on 3 January this year. Takeda shareholders approved the deal  last month.

Takeda said that the acquisition provides an expanded geographic footprint and position in Japan as well as the US. The company will be able to cater to around 80 countries or regions.

The company’s research and development (R&D) is focussed on oncology, gastroenterology (GI), neuroscience and rare diseases, along with plasma-derived therapies (PDT) and vaccines.

Takeda added that the combined annual revenue of the company is set to be more than $30bn, and will primarily come from the oncology, GI, neuroscience, rare diseases and PDT areas.

Takeda president and CEO Christophe Weber said: “This marks a significant moment in Takeda’s history and is an exciting step forward as we accelerate our transformation journey to deliver highly-innovative medicines to patients around the world with expanded scale and geographical footprint.

“We are confident in our ability to execute a smooth integration under the leadership of our experienced and diverse Takeda Executive Team.”

“The execution of our integration begins today, and we are confident in our ability to execute a smooth integration under the leadership of our experienced and diverse Takeda Executive Team with a strong track record.”

The Japanese company is reportedly planning to sell non-core assets worth up to $10bn to mitigate the debt load associated with this biggest announced acquisition of last year.

However, the deal has been already superseded by Bristol-Myers Squibb’s recent $74bn proposal to acquire Celgene.