AbbVie

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AbbVie
Type Public
Industry Biopharmaceutical
Founded 2013; 1 year ago (2013)
Headquarters North Chicago, Illinois, United States
Area served Worldwide
Key people Richard A. Gonzalez, Chairman & CEO
Revenue Increase $4.926 billion (2Q14)
Net income Increase $1.1 billion (2Q14)
Employees 25,000
Website abbvie.com

AbbVie (NYSEABBV) is a research-based biopharmaceutical company.

History[edit]

On October 19, 2011, Abbott Laboratories announced that it planned to separate into two publicly traded companies, one focused on diversified medical products and the other on research-based pharmaceuticals. The medical products company retained the Abbott name, and the research-based pharmaceuticals company was named AbbVie.[1][2] The separation was effective January 1, 2013[3] and AbbVie was officially listed on the New York Stock Exchange (ABBV) January 2, 2013.[4]

AbbVie is led by Richard A. Gonzalez, a 30-year Abbott veteran who served previously as Executive Vice President of Pharmaceuticals. He also served as Abbott’s President and Chief Operating Officer, prior to a brief retirement in 2007. AbbVie features Humira, a medicine that has eclipsed $10 billion in global sales.

Shire[edit]

On June 20, 2014 Reuters reported that AbbVie had attempted to acquire Shire for $46.5 billion (£27.3 billion or £46.11 per share); however, this offer was rejected.[5] On July 8, AbbVie raised this offer to $51.5 billion.[citation needed] On July 11, it emerged that Shire had begun negotiating with AbbVie. One aspect of the potential deal would allow AbbVie to move its tax domicile from Illinois to the United Kingdom, reducing the company's liable tax rate from 22% to 13%.[6] On July 14, Bloomberg reported that AbbVie would back a fifth offer, increasing it to $53.7 billion.[7] On July 18, it was announced that AbbVie would acquire Shire for $54.8 billion. As part of the deal AbbVie will acquire a series of rare-disease drugs, including Elaprase for Hunter syndrome and Replagal for Fabry disease.[8]

References[edit]

  1. ^ Abbott Press Release (October 19, 2011). "Abbott to Separate into Two Leading Companies in Diversified Medical Products and Research-Based Pharmaceuticals". Retrieved March 22, 2012. 
  2. ^ Abbott Press Release (March 21, 2012). "Abbot Selects AbbVie as New Name for Future Research-Based Pharmaceutical Company". Retrieved March 22, 2012. 
  3. ^ Abbott Press Release (2 January 2013). "Abbott Completes Separation of Research-Based Pharmaceuticals Business". Abbott Laboratories. Retrieved 2 January 2013. 
  4. ^ AbbVie Press Release (2 January 2013). "AbbVie Celebrates Launch As New Biopharmaceutical Company With Employees, Patients". AbbVie Pharmaceuticals. Retrieved 2 January 2013. 
  5. ^ "AbbVie Said to Consider New Bid After Shire Rejects Offer". Bloomberg. Retrieved 10 August 2014. 
  6. ^ "Shire Holding Takeover Talks With AbbVie". Bloomberg. Retrieved 10 August 2014. 
  7. ^ "AbbVie Moves Closer to Shire Deal With $53.7 Billion Bid". Bloomberg. Retrieved 10 August 2014. 
  8. ^ http://www.bloomberg.com/news/2014-07-18/abbvie-to-buy-shire-for-54-8-billion-as-drug-deals-surge.html

External links[edit]