Over the last week Philly.com has kept close tabs on Abbvie’s $46.5 billion takeover initiative to acquire Shire Plc.  Shire,  officially headquartered in Ireland, has significant operations in Wayne and Exton.

The Delaware Valley news site reported over the last week that Abbvie’s three offers to Shire’s board, a fourth is expected in the next week or two, is driven by the Chicago-based Abbvie’s desire to shift its official residence from the United States to Ireland where the company would assume that country’s lower tax rate.

Shire’s board rejected Abbvie’s offer according to Philly.com because the takeover bid was “highly conditional and undervalued Shire’s value.”

Shire went on the offensive this week reassuring investors and Wall Street of the company’s bright future.

On Monday, according to Philly.com, “Shire’s chief executive officer Flemming Ornskov said Shire has done very well as a stand-alone company in the 13 months since he took over and will succeed on its “journey to be the world leader” in medication for rare diseases. Ornskov told analysts in a conference call Monday that Shire expects to double its yearly revenue from nearly $5 billion to $10 billion by 2020.”

Ornskov said current products would account for $7 billion and drugs in the pipeline would bring in $3 billion.”

Continue to follow Shire’s attempt to fend off Abbvie’s takeover bid on Chesco Business Today and on Philly.com here, here and here.