Abbvie to purchase Pharmacyclics for $21bn
Overnight, US pharmaceuticals outfit Abbvie launched a multi-billion dollar take-over of rival Pharmacyclics to expand its footprint in the fast growing market for blood cancer treatments.
AbbVie Inc
$203.55
11:10 01/11/24
The former company, based in North Chicago, highlighted that the purchase will allow it to add the blockbuster treatment Imbruvica to its portfolio of treatments.
Imbruvica is a so-called BTK inhibitor which has already been approved for multiple uses against three types of blood cancer - chronic lymphocytic leukemia, mantle cell lymphoma and Waldenstrom's macroglobulinemia.
The potential for the drug to be used in alternate application is the subject of 50 on-going clinical programs.
The transaction, which is to be carried out via a combination of cash and shares, has an approximate value of $21bn or $261.25 for each share of Pharmacyclics.
As of 14:53 shares in Abbvie were trading down by 3.53% to $58.06, stock in Pharmacyclics received a 10.63% boost to $254.97.