Takeda Debt Rating Cut by Moody's on $62 Billion Shire Deal

Takeda Pharmaceutical Co.’s credit rating was downgraded by Moody’s Investors Service one day after the Japanese drugmaker said it had reached a deal to buy larger rival Shire Plc for about $62 billion. Takeda’s debt rating was cut to A2 from A1 on Wednesday, bringing it down one notch to the sixth-highest investment-grade level. Chief Executive Officer Christophe Weber capped a drawn-out pursuit of the U.K.-listed company on Tuesday, announcing an acquisition that will give Takeda wider reach into the U.S., the world’s biggest drug market, and strengthen its global pipeline.