AbbVie, which terminated its deal to purchase Shire last year, has agreed to acquire Pharmacyclics for US$21 billion.
The company will pay US$261.25 per share comprising a mix of cash and stock for Pharmacyclics, a 13.4% premium to Wednesday’s closing price.
AbbVie says the acquisition will improve its clinical and commercial presence in oncology, strengthen its drug pipeline and establish its position in hematological oncology.
“The acquisition of Pharmacyclics is a strategically compelling opportunity,” says Richard A. Gonzalez, AbbVie’s chairman and CEO. “Its flagship product, Imbruvica, is not only complementary to AbbVie’s oncology pipeline, it has demonstrated strong clinical efficacy across a broad range of hematologic malignancies and raised the standard of care for patients.”
The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in mid-2015.
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