DUBLIN—Takeda Pharmaceutical’s pursuit of Shire plc (LSE: SHP, NASDAQ: SHPG) continued Tuesday, with the smaller Japanese company making a new offer—its fifth overall—for Shire, a leader in treatments for rare diseases. In conjunction with its annual meeting here Tuesday, Shire issued a short statement from its board of directors noting that the company had received earlier in the day a revised proposal from Takeda “regarding a possible offer for the company.” The statement noted that “the board is considering its position.” The two companies acknowledged the possibility of reaching a deal late last week, as VMAIL reported. 

The latest offer reportedly values Shire at more than $60 billion.

Reuters reported that “discussions are ongoing” between Shire and Takeda. "Following several offers from Takeda, the board requested that the advisers of Shire and Takeda enter into a dialogue to discuss whether a further, more attractive proposal may be forthcoming," Shire chairman Susan Kilsby told the annual shareholder meeting, according to Reuters.

However, the clock is ticking on the companies’ efforts to reach an agreement. Under takeover regulations in the United Kingdom, Takeda must announce a firm offer for Shire or abandon its pursuit by Wednesday afternoon (April 25), according to Bloomberg. The companies may seek an extension from authorities to finalize talks, the Bloomberg report noted.

Shire, which has its U.S. operations base in Lexington, Mass., markets the dry eye treatment Xiidra.