Irish pharmaceutical company Shire (SHPG) - Get Report said it expects to complete its $32 billion purchase of Baxalta (BXLT) on June 3, after shareholders of the two companies on Friday greenlighted the transaction.

When the deal closes, Shire "will inherit a robust, global portfolio of immunology and hematology assets with a growing oncology business, thereby doubling its revenue base ($20bn by 2020), ensuring future cash flow generation ($6bn OCF by 2018), increasing portfolio optionality, and importantly, positioning itself as THE global leader in rare diseases," wrote Stifel Nicolaus analyst Annabel Samimy in a note on Friday. Samimy has a buy rating on Shire's stock and a price target of $230.

Under the transaction, Baxalta shareholders will receive $18 in cash and either 0.1482 Shire ADSs or 0.4446 Shire ordinary shares per Baxalta share.

"The combination will allow us to realize our goal of building the leading global biotechnology company focused on rare diseases and other highly specialized conditions, offering greater opportunities for our patients, healthcare partners and employees,"  said Flemming Ornskov, CEO of Dublin-headquartered Shire, in a statement on Friday.

The Baxalta deal was first announced in January.

Baxalta, based in Bannockburn, Ill.,  spun off from Baxter International (BAX) - Get Report into a separate company last year.

On Friday morning, shares of Baxalta were trading at $45.77, up 0.18%. Shire's American depository shares were trading at $188.52, down 0.91%.