Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 16, 2018, the Company announced that it has entered into a definitive agreement with Servier S.A.S. (Servier) to sell its Oncology franchise, which is included within the Company's Rare Disease segment, for $2.4 billion. Under the terms of the agreement, Servier has agreed to acquire Shire’s Oncology franchise for a total consideration of $2.4 billion, in cash, upon completion. The transaction covers the transfer of Shire’s Oncology franchise including marketed products and IPR&D assets. The transaction is expected to close in the second or third quarter of 2018.

On April 23, 2018, the Company’s Board received a revised proposal from Takeda Pharmaceutical Company Limited (Takeda) for a potential offer. This proposal represented approximately £49 per Shire ordinary share listed in the UK, equivalent to a value of approximately £46 billion for the total share capital of the company. After careful consideration, the Shire Board has indicated to Takeda that it would be willing to recommend the revised proposal to Shire shareholders, subject to the satisfactory resolution of the other terms of the possible offer, including completion of due diligence by Shire on Takeda. In addition, prior to making any firm offer, Takeda will be: (i) conducting confirmatory due diligence; (ii) seeking agreement on certain other terms of its revised proposal; (iii) seeking final approval from its own Board; and (iv) seeking the unanimous and unconditional recommendation of the Shire Board. In order to allow time for these discussions, Shire’s Board has agreed to extend the offer period under the UK Takeover code to 5.00 p.m. (London time) on May 8, 2018.