Takeda has reached a breakthrough in its talks to buy Shire (SHPG)

Thomson Reuters

• Shire and Takeda are announcing Wednesday that they've reached a preliminary deal.
• Takeda has sweetened its most recent $62 billion offer to reach the deal.
• The Japanese drugmaker had until Wednesday evening to make a final offer to Shire under UK takeover laws, but Shire is expected to agree to an extension to allow Takeda to carry out more due diligence and firm up its bid, according to people familiar with the matter. 

(Reuters) - London-listed drugmaker Shire Plc and Japan's Takeda Pharmaceutical Co Ltd <4502.T> plan to announce a preliminary deal on Wednesday, after the latter sweetened its $62 billion acquisition offer, people familiar with the matter said.

Shire is also expected to agree to an extension of a Wednesday regulatory deadline that would allow Takeda to carry out more due diligence and firm up its bid, the sources said on Tuesday on condition of anonymity to discuss the confidential negotiations.See the rest of the story at Business Insider

See Also:

• A massive pharmaceutical middleman is taking aim at the price of a new group of migraine drugs
• A VC firm has raised $200 million to help US startups win business in Russia
• Costa Coffee has promised to recycle 500 million coffee cups by 2020

SEE ALSO: A bidding war for the maker of Adderall stalled out after just 4 hours