Baxalta Shares Spike Following Shire's $30.6B Takeover Offer

Drug manufacturer Baxalta (BXLT) was the best performing stock in the S&P 500 Tuesday after an unsolicited takeover offer from a competitor. The stock is TheStreet's Move of the Day. Shire (SHPG), a drug company based in Ireland offered to buy Baxalta for $30.6 billion or $45.23 a share. That's 36 percent higher than Baxalta's stock price on August 3rd. The news sent shares of Baxalta up 12 percent, which reached an all-time high for the year. Shire said the combined company would post $20 billion in revenue by 2020. The offer comes after U.S. pharmaceutical company AbbVie nixed its takeover bid of Shire last fall - a deal worth $55 billion. TheStreet's Scott Gamm reports from New York.