Irish drug maker Shire is buying American pharma firm Baxalta for $32 billion, creating a leading global biotech projected to generate over $20 billion in annual revenues by 2020. “This proposed combination allows us to realize our vision of building the leading biotechnology company focused on rare diseases,” said Flemming Ornskov, chief executive officer, Shire. “Together, we will have leadership positions in multiple, high-value franchises and become the clear partner of choice in rare dis...