April 26, 2018 / 11:14 AM / 4 months ago

Bid target Shire reports 6 pct rise in first-quarter earnings

LONDON, April 26 (Reuters) - Shire, the London-listed drugmaker targeted by Takeda Pharmaceutical, reported a 6 percent rise in first-quarter earnings on Thursday, helped by higher product sales and a lower tax rate partially offset by lower gross margins.

The company reported non-GAAP diluted earnings per American Depository Share of $3.86 on revenue of $3.77 billion, slightly ahead of analysts’ forecasts of $3.72 billion.

The rare-disease specialist said on Wednesday it was willing to recommend a sweetened $64 billion offer from Japan’s Takeda , in what would be the biggest acquisition of a drug company since 2000.

Reporting by Paul Sandle; editing by Sarah Young

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