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With Nycomed, Takeda Satifies Both Strategic And Financial Objectives

Takeda Pharmaceutical Co.'s $13.7 billion purchase of privately held Nycomed International Management is undoubtedly pricey, at over three times the Swiss group's 2010 revenues. But because it satisfies a number of strategic and financial imperatives, the deal - Takeda's largest ever - may be worth the cost.

Takeda Pharmaceutical Co. Ltd.'s $13.7 billion purchase of privately held Takeda Pharmaceuticals International GMBH, confirmed May 19 after a week of speculation, is undoubtedly pricey, at over three times the Swiss group's 2010 revenues. But because it satisfies a number of strategic and financial imperatives, the deal – Takeda's largest ever – may be worth the cost. [See Deal] The aspirational goals driving the deal hearken back to the Japanese company's acquisition of Millennium Pharmaceuticals (now known as Takeda Oncology) and illustrate president & CEO Yasuchika Hasegawa's willingness to make big bets on change via acquisition. [See Deal] ( See "Takeda's Global Ambition," IN VIVO , June 2008 [A# 2008800099].)

The 2008 purchase of Millennium, worth $8.8 billion, expanded Takeda's ex-Japan footprint, gave it a stand-alone oncology division with deep...

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