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Business deals

Takeda chases global status with $64bn shortcut

Markets frown on drugmaker's wallet-draining gamble for Shire

TOKYO -- Takeda Pharmaceutical appears intent on pushing through a record $64 billion buyout of Irish drugmaker Shire, even if it means defying intense market pressure, because it sees overseas markets as crucial to its survival as government controls on drug prices in Japan limit its top line.

After the Osaka-based company sweetened its acquisition proposal on Tuesday, the Irish drug company agreed to extend negotiations until May 8, when Takeda would be required to finalize its offer.

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