The deal, one of the largest in the pharma industry, will place Takeda Pharma into the top ranks of global drugmakers.

On Tuesday, in a strategic move Japan’s Takeda Pharma stated it has agreed to acquire London-listed Shire for $61.50 billion (45.3 billion pounds).

The Japanese firm raised the amount of cash in its offer to $30.33 in order to secure its bid.

According to a statement by both companies, Shire investors will receive $30.33 in cash and either 0.839 new Takeda shares or 1.678 Takeda ADSs for each share. The deal values Shire at 48.17 pounds a share based on the latest price and exchange rate.

Takeda expects cost synergies of at least $1.4 billion.

Assuming the deal gets the backing of Shire’s shareholders, the deal will mark as the largest overseas acquisition by a Japanese company and place Takeda, led by Christophe Weber, a Frenchman, into the top ranks of global drugmakers.

“Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies,” said Weber.

The tie-up is also one of the largest ever in the pharmaceuticals sector, crowning a hectic few months of deal-making as large players look to improve their pipelines.

Shire said last month it would be willing to recommend an offer from Takeda after it rejected four previous approaches.

Shire shareholders will own about half of the combined group after the deal.

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