Shire PLC revealed an unsolicited offer to buy American rival Baxalta in an all-stock deal worth about $30 billion, after its initial proposal to the company’s board was rebuffed. Mirroring the latest announcement, Baxalta shares rose 17% to $38.80 in early trading, while Dublin-based Shire’s ADRs dropped 3.6% to $258.56. Shire’s hostile bid to acquire Baxalta London-listed Shire PLC went public with its approach after Baxalta turned it down. The Dublin-based company said its unsolicited offer of 0.1687 Shire American depository receipts per share valued each Baxalta share at $45.23. The offer represents a premium of 36% based on Monday’s closing price. Exuding confidence over the proposal, Shire Chief Executive Flemming Ornskoy said that “together, the companies would be projected to deliver $20 billion in product sales by 2020, with the financial and operational firepower to fuel further innovation and growth in rare diseases”. However, a Baxalta spokesman wasn’t immediately available to comment. Shire’s move is the latest in a wave of mergers and acquisitions in the healthcare sector since the start of 2014, stretching from... More