Allergan declines to bid on Shire

April 23, 2018

Allergan announced late last week that it does not intend to make an offer for Shire, following Shire’s rejection of Takeda’s third, roughly $61 billion takeover bid.

Allergan was required by UK law to announce its intention to make an offer for Shire by May 17.

According to the drugmaker, Allergan will continue to evaluate a “full range of potential strategic actions that will create value for shareholders, such as divestitures, combinations and acquisitions.”

Shire rejected Takeda’s first three bids after concluding that Takeda was continuing to “significantly undervalue the company and Shire’s growth prospects and pipeline." However, Takeda upped its offer to buy Shire for the fourth time, raising its bid to approximately $61.6 billion.