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Irish drugmaker Shire’s share price fell 3.7 per cent in early trading on Friday after Allergan, the US-based botox maker, pulled out of making a competing bid for the FTSE 100 pharmaceutical company. 

On Thursday, Shire rebuffed a £42.3bn takeover offer from Japan’s Takeda. Allergan had made it known that it had contemplated an offer but then decided against it, which sent Shire’s share price down at 3,823 pence from yesterday’s close at 3,831 pence. Takeda shares fell by 4.67 per cent.

Shire on Friday confirmed that Allergan had backed away.

If a takeover of Shire did take place at current valuations, it would rank as one of the largest the pharmaceutical sector has ever seen, just behind Pfizer’s $112bn 2000 takeover of Warner Lambert, according to data from Dealogic. 

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