Between debt and discovery: Takeda’s uneasy next phase

Takeda (TYO: 4502) sits in a peculiar place in global pharma. As Japan’s largest drugmaker, it retains a national heritage and corporate culture rooted in Osaka. Yet since the $62 billion Shire acquisition closed in 2019, Takeda has positioned itself as a global heavyweight.

The integration brought scale in rare disease and neuroscience, but also a mountain of debt and questions over whether the gamble would pay off. Now, with leadership set to change in 2026 and late-stage pipeline readouts looming, Takeda stands at a crossroads.

The company has spent the past six years trying to prove that its boldest-ever acquisition was not a bridge too far. Shire’s assets brought depth in rare disease and gastrointestinal medicine, while Takeda added oncology and vaccines to build a broad portfolio. But the debt overhang and patchy R&D productivity continue to cast a shadow. Whether Takeda can convert its global reach into lasting competitiveness depends on how well it manages this balancing act.