A sign sits in front of Shire's manufacturing facility in Lexington, Massachusetts. REUTERS
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Shire Chief Executive Flemming Ornskov will need to dig deeper in his pocket if he wants to win U.S. biotech company Baxalta.Rather than selling out at a premium to a bigger drugmaker, as many investors thought Shire might do, Ornskov is embarking on a risky battle to create the world's leading rare diseases specialist.The transaction could vault Shire into the top 20 global drugmakers by sales, but hazards include Baxalta's formidable anti-takeover defenses, as well as the risk that new science could upend the hemophilia market, which accounts for over half its revenue.Analysts at Berenberg Bank agree Shire is very likely to increase its offer as it continues to try to engage with Baxalta.
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