Shire Plc (London, UK) agreed to acquire Baxalta (Bannockburn, IL) for $32 billion in a cash and stock offer. Shire will pay about $45 per share in Baxalta, which was spun out from Baxter International Inc (Deerfield, IL) in July 2015. Baxalta rejected Shire’s previous $30 billion all-stock offer in August 2015, arguing it significantly undervalued the company. The deal will create the largest maker of rare disease drugs in the world, according to Shire. Baxalta Chairman Wayne Hockmeyer will become deputy chairman of the combined company, and two additional directors will be included from Baxalta’s board. The transaction is scheduled to close in mid-2016.