Baxalta (BXLT) Stock Gained on Reports of New Takeover Bid from Shire

Baxalta (BXLT) stock closed higher on Tuesday amid reports that Shire (SHPG) is preparing a new takeover bid.
By Rachel Graf ,

NEW YORK (TheStreet) -- Baxalta (BXLT) stock surged by 6.35% to $35.66 on Tuesday afternoon, as Shire (SHPG) plans to make a new takeover bid for the biopharmaceutical company, sources told Reuters. 

Should the deal be completed, the merger would create one of the world's leading specialists on rare diseases, according to Reuters. 

Shire is also a biopharmaceutical company and is based in Dublin. 

The combined company would have product sales totaling about $20 billion by 2020 and double-digit percent annual sales growth, Reuters adds.

Baxalta has a market capitalization of about $24.8 billion, and would contribute to Shire's portfolio of treatments for rare diseases.

Shire has been attempting a takeover of Baxalta for the past six months, Reuters notes.

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