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Allergan will not bid for Shire

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Allergan announced it will not make an offer for Shire.

The company will continue to evaluate its potential strategic actions, according to a press release.

Allergan will not bid for Shire plc, the company announced.

Source: Shutterstock

In an earlier release, Allergan responded to media speculation regarding a possible offer by saying it would announce its intentions before the May 17 deadline under the U.K. Takeover Code.

Takeda, a Japanese-based pharmaceutical firm, offered to acquire Shire for 46.50 pounds per share. However, Shire’s board rejected the proposal.