Japanese drugmaker Takeda Pharmaceutical is expected to gain European Union antitrust approval for its $62 billion acquisition of Shire, a London-based pharmaceutical company, according to Reuters.
After the European Commission voiced concerns about the deal, Takeda offered to sell off Shire's compound SHP647, which is a treatment for inflammatory bowel disease. EU officials thought Shire's compound may overlap with Takeda's best-selling drug Entyvio, a treatment for uncreative colitis and Crohn's disease.
If the $62 billion transaction wins approval, it will give Takeda a wider reach into the global drug market and strengthen its global pipeline for rare disease drugs. The combined company would have $31 billion in revenue, which places it among the top 10 within the global pharmaceutical industry, behind industry leaders including Johnson & Johnson and Pfizer.
The EU antitrust division is scheduled to rule on the deal by Nov. 20. The deal has already won approval from U.S. regulators.
The deal would also need to secure shareholder approval. Takeda investors will vote on the transaction Dec. 5.
In a separate Reuters report, Takeda said it aims to close the deal Jan. 8.