Whisky-inspired code names cloaked Takeda's $62 billion Shire gamble in secrecy -- until cover was blown

HONG KONG – Takeda Pharmaceutical Co.'s ambitions to expand in the lucrative U.S. health care market led the drugmaker to begin a painstaking examination of Shire PLC's assets more than two years prior to striking a $62 billion deal. In particular, Shire's neuroscience unit and its gastrointestinal products sparked Takeda's interest. One hurdle, though, gave them pause: the steep purchase price. Then the tide turned in Takeda's favor. Shire's struggling stock performance after its failed sale to AbbVie Inc. and the acquisition spree that followed -- culminating with the $32 billion takeover of Baxalta Inc. -- frustrated investors and prompted concerns about its strategy.