Shire shareholders will own 50% of the enlarged group following the deal, which is expected to complete in the first half of 2019.
Shire's shares climbed more than three per cent in early trading.
For the deal between Takeda and Shire to proceed, 75% of Shire's voting shareholders must support the transaction.
Based on regulations in Britain's stock exchange, where Shire is now listed, the two drugmakers have extended the deadline for announcing whether they will formally propose the acquisition from 5 p.m. on April 25 to 5 p.m. on Tuesday London time.
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Takeda, founded in Osaka in 1781, wants Shire, a specialist in the treatment of rare conditions, to help it expand globally - especially in the United States - as it faces down the prospect of weaker drug prices in its home market. Previous year it bought Ariad Pharmaceuticals of Cambridge, Massachusetts.
Takeda said $30.1 billion in bridge loan financing would be replaced with a combination of long-term debt, hybrid capital and available cash ahead of completion, without providing a breakdown.
The companies eventually expect to realize about $1.4 billion in annual cost savings from combining, the majority of which will come from reducing duplicative functions in sales and marketing, Takeda said.
Takeda had previously said that expanding its oncology business was a significant reason why it was considering a bid for Shire, along with the desire to expand in along with gastrointestinal medicine and neuroscience.
The two companies now have more than 50,000 employees between them worldwide and more than 5,000 in MA, making it potentially the biggest pharmaceutical employer in the state.
Takeda said it would maintain its global headquarters in Japan and evaluate consolidating Shire's operations into Takeda's in the Boston area, Switzerland and Singapore. And it intends to keep its investment-grade credit rating, targeting a debt-to-EBITDA ratio of 2x or less in a few years. A quarter of Shire's product revenues a year ago came from sales of its hemophilia medicines, which face competition from Roche's Hemlibra (emicizumab) now and potentially curative gene therapies in the future.