Baxalta's stock jumps after Shire says merger should close as planned
Shares of Baxalta Inc. shot up 6.4% in afternoon trade, after Shire PLC said it expects its merger with the biopharmaceutical company to close as planned, despite new government measures aimed at blocking tax inversion deals. The U.S.-listed shares of Shire, which is based in Ireland, climbed 4.9%. "The combination of Shire and Baxalta is based on a strong strategic rationale to create the leading global biotechnology company focused on rare diseases," Shire said in a statement. "The company currently expects to complete its proposed combination by mid-2016 as previously announced." Earlier Wednesday, Pfizer Inc. said it was walking away from the planned $150 billion merger with Ireland-based Allergan PLC because of the Treasury Department's new measures. The deal for Shire to buy Baxalta was announced on Jan. 11.
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