AbbVie

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

AbbVie, Inc. (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 retained the Abbott name, and focuses on diversified medical products including medical devices and medical tests. The other was named AbbVie, Inc. and specializes in research-based pharmaceuticals.[1] [2][3] The separation was effective January 1, 2013[4] and AbbVie was officially listed on the New York Stock Exchange (ABBV) January 2, 2013.[5]

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, Plc[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.[6] On July 8, AbbVie raised this offer to $51.5 billion.[citation needed] On July 11 2014, 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%.[7] On July 14, Bloomberg reported that AbbVie would back a fifth offer, increasing it to $53.7 billion.[8] On July 18, 2014 it was announced that AbbVie would acquire Shire for $54.8 billion. As part of the deal AbbVie would acquire a series of rare-disease drugs, including Elaprase for Hunter syndrome and Replagal for Fabry disease.[9] On October 15, news broke suggesting AbbVie was reconsidering their proposed takeover deal due to changes in US "Tax Inversion" law[10] and on October 16, AbbVie's board recommended that shareholders vote against the deal.[11] On October 21, 2014 the merger was called off.[12]

On January 20, 2015, AbbVie opened its Innovation Center at Research Park, University of Illinois at Urbana-Champaign. In March, the company announced it would acquire oncology firm Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. As part of the deal AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity.[13] The merger is expected to close in mid-2015.[14]

Co-developments[edit]

Infinity Pharmaceuticals[edit]

In September 2014, it was announced that AbbVie would join Infinity Pharmaceuticals in co-developing and commercializing Infinity's phosphoinositide-3-kinase (PI3K) inhibitor, duvelisib (IPI-145). This deal could net up to $805 million for Infinity through upfront and milestone based payments.[15]

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.[16]

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. ^ Peter Frost (30 Dec 2013). "More than splitting pills: Health care giant Abbott Laboratories ready to spin off AbbVie". http://articles.chicagotribune.com/. Retrieved 29 Jan 2014. 
  4. ^ Abbott Press Release (2 January 2013). "Abbott Completes Separation of Research-Based Pharmaceuticals Business". Abbott Laboratories. Retrieved 2 January 2013. 
  5. ^ AbbVie Press Release (2 January 2013). "AbbVie Celebrates Launch As New Biopharmaceutical Company With Employees, Patients". AbbVie Pharmaceuticals. Retrieved 2 January 2013. 
  6. ^ "AbbVie Said to Consider New Bid After Shire Rejects Offer". Bloomberg. Retrieved 10 August 2014. 
  7. ^ "Shire Holding Takeover Talks With AbbVie". Bloomberg. Retrieved 10 August 2014. 
  8. ^ "AbbVie Moves Closer to Shire Deal With $53.7 Billion Bid". Bloomberg. Retrieved 10 August 2014. 
  9. ^ Simeon Bennett and Caroline Chen (19 July 2014). "AbbVie Is Biggest to Quit U.S. Address in $55 Billion Shire Deal". Bloomberg. 
  10. ^ Albertina Torsoli, Kristen Hallam and Oliver Staley (15 October 2014). "AbbVie Reconsidering Shire Sends Inversion Targets Down". Bloomberg. 
  11. ^ Albertina Torsoli, Manuel Baigorri and Matthew Campbell (16 October 2014). "AbbVie Board Recommends Holders Vote Against Shire Deal". Bloomberg. 
  12. ^ Philippidis, Alex (21 October 2014). "AbbVie, Shire Call Off $51.7B Merger". GEN News Highlights. Gen. Eng. Biotechnol. News. 
  13. ^ http://www.genengnews.com/gen-news-highlights/abbvie-acquires-oncology-drug-firm-pharmacyclics-for-21b/81250997/
  14. ^ http://www.sec.gov/Archives/edgar/data/949699/000119312515079014/d885940dex991.htm
  15. ^ "GEN - News Highlights:AbbVie, Infinity to Co-Develop Duvelisib in Up to $805M Deal". GEN. 
  16. ^ "GEN - News Highlights:Google-Backed Calico Joins AbbVie in Up to $1.5B Collaboration". GEN. 

External links[edit]