November 20, 2018 / 2:15 PM / a month ago

EU approves Takeda buying Shire, on divestment condition

FILE PHOTO: The logo of Takeda Pharmaceutical Co. Japan May 9, 2018. REUTERS/Kim Kyung-Hoon/File Photo

BRUSSELS (Reuters) - The European Commission said on Tuesday that it approved the $62-billion takeover of London’s Shire plc (SHP.L) by Takeda Pharmaceutical (4502.T) of Japan, subject to the divestment of a Shire drug in development.

In a statement, the Commission said Takeda had agreed to the sale in order to ensure that the drug in Shire’s product pipeline aimed at treating inflammatory bowel disease would continue its way to the market, where it is expected to compete with Entyvio, Takeda’s biggest-selling drug.

Reuters reported the approval was expected on Nov. 9.

Takeda has already secured unconditional clearance from regulators in the United States, Japan, China and Brazil.

Reporting by Alastair Macdonald

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