Takeda ups offer for pharma giant

Japan’s Takeda has upped its bid for Shire and increased the cash element of the offer as it continues its pursuit of the pharmaceutical giant.

Takeda said its new proposal is worth £47 per share, £21 of which is cash and £26 in new Takeda shares. It values Shire at £42.8 billion. It came after Botox maker Allergan confirmed it would not make a bid.