AbbVie announces $63 billion deal to buy Allergan
US biopharmaceutical company AbbVie has agreed to buy Allergan cash and stock deal reportedly totally $63 billion (£49.98bn).
According to AbbVie, the acquisition will give it a "diversified product portfolio” andprovide scale and profitability to the company’s growth platform.
It is reported that Allergan shareholders will receive 0.8660 of AbbVie shares and $120.30 in cash for each share that they hold. The deal is expected to close in early 2020 and is subject to regulatory and Allergan’s shareholder approvals.
Allergan chairman and CEO Brent Saunders commented, “Our combined company will have the opportunity to make even bigger contributions to global health than either can alone and will create substantial value for shareholders of both companies.”
Richard Gonzalez, chairman and chief executive officer at AbbVie added, “This is a transformational transaction for both companies and achieves unique and complementary strategic objectives. The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders. With our enhanced growth platform to fuel industry-leading growth, this strategy allows us to diversify AbbVie's business while sustaining our focus on innovative science and the advancement of our industry-leading pipeline well into the future.”
