Report: Pharma mega-merger to be announced Wednesday

Takeda Pharmaceutical tomorrow will announce a preliminary agreement to acquire Irish drugmaker Shire, according to Reuters.

Why it matters: This would make Takeda one of the world's largest drug manufacturers.

Backstory: Shire had previously rejected at least three takeover bids from Takeda, and also held talks with Allergan. The revised offer is expected to value Shire north of $62 billion.