经济学人下载: 制药公司并购:致死还是治愈？(2)

But the sheer size of the deal elicited resistance.
但是该交易的绝对规模引发了抗议。

A group of shareholders led by Kazuhisa Takeda, a descendant of the founding family and a former board director,
以武田和久（创始家族的子孙兼前董事）为首的一群股东

and Shigeru Mishima, a former stockmarket analyst, was bitterly disappointed by this week's approval.
以及前股市分析师Shigeru Mishima对本周的批准感到心寒。

On the question of why the group opposed the acquisition, Mr Mishima cites "risk, risk, risk!".
关于他们为什么反对收购，Mishima先生引述，“风险，风险，风险！”

Local rivals, Astellas and Daiichi Sankyo, which have chosen to make smaller acquisitions, of American biotechnology companies,
当地竞争对手安斯泰来制药和第一三共选择了收购较小的美国生物技术公司

have seen their shares rise by 18% and 43% respectively, as Takeda's have fallen.
他们的股价分别增长18%和43%，而武田制药则在下跌。

The dissidents may have a point. Scope for cost-cutting is relatively limited.
持异议者或许是有道理的。消减成本的前景相对有限。

It will saddle the combined entity with $48bn of net debt, or over five times its expected annual operating earnings.
公司将承担合并实体480亿美元的净债务，或超过其预期年度营业收益的五倍。

To bring the huge cost of servicing this down, Mr Weber will have to dispose of promising products worth $5bn after the firms merge, on January 8th.
为了降低其巨大的成本，Weber先生将不得不在1月8日完成收购后，转让市场前景看好的产品，价值50亿美元。

He claims strong combined cash-flow will help pay down debt quickly,
他宣称强大的合并现金流将帮助迅速偿还债务，

but Shire's haemophilia drugs, worth a quarter of its revenues in 2017, are threatened by new drugs from other big pharma firms.
但是夏尔的血友病药物（该药物在2017年占其收入的四分之一）受到了来自其他大型制药商新型药物的威胁。

Mr Takeda and other dissident shareholders do not deny the company needs to diversify its range of products.
武田先生和其他持异议的股东并不否认公司需要将产品范围多样化。

Nor, they claim, are they against acquisitions or globalisation. But the dose makes the poison. Swallowing Shire could prove toxic.
他们宣称他们并非反对收购或全球化。但是剂量决定毒性。吞并夏尔可能证明是有毒的。