Finally an international acquisition, not a suburban relocation. Three years ago Pfizer was willing to pay 160 Billion dollars for Allergen but the deal broke down.
http://www.chicagotribune.com/busine...t7a-story.html
Illinois-based drugmaker AbbVie to buy rival Allergan in $63 billion ‘transformative’ deal
Lisa Schencker
| Chicago Tribune |
Jun 25, 2019 | 11:57 AM
AbbVie headquarters are seen in north suburban Abbott Park in 2014. On June 25, 2019, the company announced it is buying Allergan in a cash-and-stock deal valued at around $63 billion. (E. Jason Wambsgans / Chicago Tribune)
North Chicago-based drugmaker AbbVie is buying Botox-maker Allergan for $63 billion in cash and stock — a deal designed to reduce AbbVie’s reliance on its blockbuster medication Humira, which will soon face competition in the U.S.
AbbVie said it will pay $188.24 per share in cash and stock for
Dublin-based Allergan, representing a 45% premium to Allergan’s closing share price Monday.
AbbVie’s headquarters will remain in North Chicago, and its CEO Richard Gonzalez will lead the combined company.
The deal is expected to close in the first quarter of 2020, pending regulatory approval.
The acquisition could create the fourth-largest biopharmaceutical company in the world, Gonzalez said.
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Gonzalez said the acquisition is expected to yield $2 billion in annual cost savings by its third year, partly through “elimination of redundant infrastructure.”
AbbVie spokeswoman Adelle Infante said after the call that all of the operations now in North Chicago are expected to stay in North Chicago. She said she couldn’t comment on whether the combination might lead to layoffs or relocation of Allergan jobs or operations to the Chicago area....
AbbVie spun off from north suburban Abbott Laboratories six years ago and has about 30,000 employees worldwide.
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Tuesday's announcement isn't the first time AbbVie has gone after an Irish drug company.
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https://www.irishtimes.com/business/...deal-1.3936938
AbbVie to buy Irish-headquartered Allergan in $63bn deal
Deal is expected to add 10% to adjusted earnings per share over the first full year
about 6 hours ago
Allergan is headquartered in the Republic of Ireland
Drugmaker AbbVie, which employs 600 people locally, said on Tuesday it would buy Botox-maker Allergan for about $63 billion, grabbing control of by far the biggest name in medical aesthetics to help reduce its reliance on blockbuster arthritis treatment Humira.
AbbVie has been under pressure to diversify its portfolio as Humira,
the world’s best-selling drug, faces competition from cheaper versions in Europe.
Allergan chief executive 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.
He built his reputation as a dealmaker, but his company has struggled
since Pfizer walked away from a $160 billion deal to buy Allergan, which employs about 1,700 people in the Republic, in 2016.
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