By David Meyer
May 8, 2018

Japan’s Takeda Pharmaceutical is about to become a major international player on the biopharma scene, with its purchase of larger Irish rival Shire (shpg).

It’s one of the biggest pharma deals in history, and the largest-ever international takeover by any Japanese company, at a value of $62 billion. And it brings to a close a tense bidding saga that saw the Adderall-maker reject Takeda’s advances four times over.

The deal gives Takeda (tkpyy), a gastroenterology and cancer specialist, greater access to the U.S. market, while Shire’s portfolio will get greater exposure in Japan and emerging markets, the companies said Tuesday.

Takeda’s shares climbed 4% and Shire’s 3% on the news.

A few weeks ago, Takeda confirmed that it was trying to buy out Shire, a specialist in treating rare diseases, by noting that its most recent proposal had been spurned. At that point, Botox firm Allergan (agn) said it was also considering a bid for Shire—but followed up mere hours later by saying it had decided against it.

Less than a week later, Shire’s board recommended Takeda’s takeover proposal. With Takeda’s shareholders responding negatively, sending the company’s stock price down 7%, the question then was whether the preliminary agreement would hold up.

It did. On Tuesday—the deadline for the deal—Takeda formalized its offer. It will pay $66.56 per Shire share: $30.33 in cash, with the remainder in the form of 0.839 of a new Takeda share.

Takeda and Shire said they expect the deal to close in the first half of next year, with Takeda’s shareholders owning about half of the combined operation.

“Shire’s highly complementary product portfolio and pipeline, as well as experienced employees, will accelerate our transformation for a stronger Takeda,” said Takeda CEO Christophe Weber. “Together, we will be a leader in providing targeted treatments in gastroenterology, neuroscience, oncology, rare diseases and plasma-derived therapies.”

Takeda will become the only pharma company with dual listings in Tokyo and New York. The combined operation will also expand its research and development efforts in the Boston area, the companies said.

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