Shareholders of Baxalta, Inc. and Shire PLC agreed Friday on a merger that is expected to be finalized on June 3.
After the closure of the transaction in June, the integration process between the two companies will begin, according to Geoffrey Mogilner, Senior Director of Global External Communications for Baxalta.
Mogilner said Shire remains committed to building the factory currently under construction in Stanton Springs.
“Shire remains committed to our plans to complete the construction of our state-of-the-art biopharmaceutical manufacturing facility in Covington and to have the facility commercially operational in 2018,” Mogilner said.
Shire and Baxalta outlined a merger agreement on Jan. 11. The proposed $32 billion merger was voted on by shareholders Friday.
“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, employees, and the communities we live in and serve,” Mogilner said.
The combined company would be one of the world's top 20 drug makers by revenue and a leader in the niche of rare disease medicines.
In a conference call conducted in January, representatives from Shire and Baxalta said the combined company will draw 65 percent of total revenue from rare disease treatments. They expect about $13 billion in sales from that category, and a total exceeding $20 billion annually, by 2020.
Shire said it will give Baxalta shareholders $18 in cash and a portion of a Shire share for each Baxalta share.
Baxalta spun off last July from Deerfield, Illinois-based drugmaker Baxter International Inc.
Shire promptly made an initial run at Bannockburn, Illinois-based Baxalta, which then rejected that $30 billion all-stock bid as too low.
Information from the Associated Press is included in this article.