Shire rejects US takeover offer of USD45.9b

(MENAFN) Shire, the pharmaceutical giant, is to outline ambitions for its drug group to more than double of its annual sales, assuring investors that a US takeover offer of USD45.9 billion undervalues the group, The Telegraph reported. The Ireland-based pharmaceutical group expects its most lucrative drugs to outperform over the next five years, assuring that sales will increase to USD10 billion by 2020. US bidder AbbVie announced that Shire had rejected three earlier bids, the last one valuing it at USD78.67 a share. It now has a takeover panel deadline of July 18 to make a fourth offer. "The board believes the proposal fundamentally undervalued Shire and its prospects and that as an independent company Shire's focused growth strategy will continue to deliver significant shareholder value," Shire's chairman said.