TOKYO -- Takeda Pharmaceutical's own board could prove a major obstacle to a massive deal for Irish peer Shire if outside directors judge the financial risks too high, endangering its president's plan to revive sluggish earnings with fresh drug candidates.
The Japanese drugmaker will need to scrape together a sum on the order of 6 trillion to 7 trillion yen ($55 billion to $65 billion) to purchase all shares in Shire, whose market cap equates to around 5 trillion yen. Borrowing will be essential, given Takeda's cash on hand of 400 billion yen and interest-bearing debt of over 1 trillion yen.
