Shire completes merger with Baxalta

Shire has announced the completion of its merger with Baxalta, concluding a $32 billion (22.2 billion pounds) transaction announced earlier this year.

The new-look business will be the leading global biotechnology company focused on rare diseases and other highly specialised conditions, with more than 22,000 employees across over 100 countries.

Shire expects to deliver double-digit compound annual top-line growth as a result of the combination, with more than $20 billion in annual projected revenue by 2020. Around 65 percent of total annual revenues will be generated by rare disease products.

The company now has more than 50 programmes in clinical development, with a good balance of early, mid and late-stage projects. Annual operating cost synergies of at least $500 million are expected within the first three years post-closing.

Gail Fosler and Albert Stroucken have been appointed to the Shire board of directors, with Baxalta now becoming an indirect wholly-owned subsidiary of Shire.

Flemming Ornskov, Shire's chief executive officer, said: "With our multiple high-value franchises, each with best-in-class products and a robust innovative portfolio, we further extend our capabilities for innovation and sustainable growth with patients at the center of everything we do."