AbbVie buying Botox maker Allergan in $63 billion deal

Cornelia Mascio
Giugno 25, 2019

Humira contributed nearly 60% of AbbVie's $32.8 billion in sales previous year, but the company will face competition in 2023 when lower-priced versions go on sale in the U.S. In a statement, AbbVie CEO Richard A. Gonzalez said the acquisition would allow the company to diversify its drug lineup while continuing to develop new treatments. Last year, Humira generated $13.7 billion in US sales, 42% of revenue. Shares of AbbVie are down 16% over the past year and shares of Allergan, with sales growth down over the past three quarters, have fallen 24%.

The maker of the global blockbuster immune disorder treatment Humira will pay $120.30 in cash and a portion of AbbVie stock for each Allergan share. AbbVie CEO Gonzalez will continue as CEO through Humira's loss of patent exclusivity in 2023, it added.

Allergan Chief Executive Officer Brent Saunders put together the current version of the company through a series of deals to roll up several pharmaceutical firms in 2014, and has run the company since then.

"This is a transformational transaction for both companies and achieves unique and complementary strategic objectives, " said AbbVie CEO and Chairman Richard Gonzalez in a prepared statement Tuesday. Including debt, the deal values Allergan at $83 billion.

Regulators and Allergan shareholders still have to approve the deal.

AbbVie's offer price is a far cry from Pfizer's all-stock offer for Allergan that valued the Ireland-based drugmaker at $363.63 per share in 2015.

The deal is expected to add 10 per cent to adjusted earnings per share over the first full year following the close, the companies said.

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