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 exceeded $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]

Co-Developments[edit]

Infinity Pharmaceuticals[edit]

In September 2014, it was announced that AbbVie would join Infinity Pharmaceuticals in co-developing and commercialising Infinitys phosphoinositide-3-kinase (PI3K) inhibitor, duvelisib (IPI-145). This deal could net up to $805 million for Infinity through upfront and milestone based payments.[9]

Calico[edit]

In September 2014 it was announced that AbbVie would collaborate with Calico (an abbreviation of California Life Sciences LLC), a Google company, as it creates a $1.5 billion R&D site in San Francisco Bay. The collaboration is aimed at developing new treatments for neurodegeneration and cancer.[10]

References[edit]

External links[edit]