Takeda Pharmaceutical has backed the takeover of the UK-listed drugmaker Shire.

Despite previous concerns shared by shareholders, 88% voted in favour of the £46 billion ($59 billion) deal.

The deal will mean Takeda will have almost $31 billion in loans for the acquisition.

“With shareholder approval secured, we are looking forward to closing the acquisition in the coming weeks to create a more competitive, agile, highly profitable, and therefore more resilient company, poised to deliver highly innovative medicines and transformative care to patients around the world,” said Christophe Weber, the chief executive of Takeda. 

Shire shareholders will vote on the deal later on Wednesday. If the vote passes, the deal is expected to close by January 8.

If it goes through, the deal will propel Takeda into the world’s top 10 pharmaceutical companies.

Shares in the Japanese firm (TYO: 4502) are trading +1.07% at 4.240. Shares in Shire (LON: SHP) are trading +2.59% (1012GMT).