A hot weekend for takeover deals and cycle racing

The bank holiday turned out to be a hot one, not least in the takeover arena. First, Shire Pharmaceutical accepted a £46 billion offer from Takeda of Japan — though the stock market did not seem wholly convinced that the deal will proceed. If it does, should we care?

Shire is a FTSE100 company that began in the UK and ended up stateless. As a start-up in Basingstoke in 1986, it made calcium-based treatments for osteoporosis; since then it has grown by acquisition to become ‘the world’s leading global biotechnology company focused on serving patients with rare diseases’. In 2008, when it was the UK’s third biggest drug manufacturer, Shire shifted its domicile to take advantage of Ireland’s ultra-low corporate tax rates. In 2013, when it bought the Pennsylvania-based Viro-Pharma group and signalled a reduction in its presence here, the FT called Shire’s strategy a ‘fresh blow to UK life sciences’.