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Business deals

Takeda readies $4.5bn bond sale to defend credit rating

Hybrid debt will shore up drugmaker's balance sheet after Shire deal

Japan's Takeda Pharmaceutical closed the $62 billion purchase of Irish drugmaker Shire on Jan. 8.

TOKYO -- Takeda Pharmaceutical will issue up to 500 billion yen ($4.53 billion) in bonds to replace short-term loans used in financing last month's purchase of Irish drug developer Shire, the Japanese company said Friday.

Half the funds raised will count toward Takeda's capital as measured by S&P Global Ratings and Japan Credit Rating Agency, helping strengthen the company's balance sheet and prevent credit rating downgrades.

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