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Shire begins $2.25B purchase of Baxalta debt in cash tender offers

Shire PLC announced early results of its cash tender offers to purchase up to US$2.25 billion worth of biopharmaceutical company Baxalta's outstanding senior notes.

Baxalta, a wholly owned subsidiary of Shire, is based in Illinois and develops products for treating hemophilia, immunology and oncology.

The senior notes were tendered Sept. 7, Shire said in a Sept. 10 press release. Noteholders tendered $848.2 million of the $1 billion outstanding 2.875% senior notes that mature in 2020; $399.8 million of the $500 million outstanding 3.6% senior notes due in 2022; $1.35 billion of the $1.75 billion outstanding 4% senior notes that mature in 2025; and about $711.7 million of the $1 billion outstanding 5.25% senior notes due in 2045. Shire also bought about $1.53 billion of Ireland DAC's own $3 billion outstanding 3.2% senior notes due in 2026.

Shire said the anticipated early settlement date for the tender offers is Sept. 11. The tender offers are scheduled to expire at 11:59 p.m. EDT on Sept. 21.

Under the terms of the tender offer, Shire also completed the sale of its cancer franchise to French drugmaker Les Laboratories Servier SAS for $2.4 billion on Aug. 31.

Citigroup Global Markets Ltd. and Morgan Stanley & Co. LLC are acting as dealer-managers in the transactions, with Global Bondholder Services Corp. acting as both the depository and information agent.