Takeda's global boost

Acquiring Nycomed will transform Takeda Pharmaceutical Co. Ltd. into a complete global pharma company by combining geographically complementary marketing operations. But the Japanese pharma will need more acquisitions to get its market cap back to its $60 billion-plus heyday in 2007.

Takeda's market cap has been in decline since 2007 as the company's key products approached the ends of their patent lives and intended replacements failed to reach the market (see "Takeda Chronicles," A12)...