Shire has emerged victorious in its 6-month quest to acquire haemophilia specialist Baxalta with a cash-plus-stock deal worth approximately US$32 B. The merger will create the largest rare disease company by sales, doubling the size of Shire’s existing business in this area and giving the company a dominant position in the haemophilia treatment market. The deal will also reduce Baxalta’s effective tax rate and expand Shire’s geographic reach.