Takeda's Biotech M&A Menu Is Long, Complex

Add another entrant to the very crowded biotech M&A market.

Takeda, Japan's largest pharma firm, is willing to spend up to $20 billion on acquisitions overseas, the Financial Times reported last week. Its CEO later confirmed it was on the hunt and willing to raise a bunch of debt to fund deals.

With so much cash, Takeda doesn't lack for options. But there are many other firms with similar designs and plenty of scratch. Takeda doesn't just need deal willingness, but decisiveness.

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