AbbVie is buying Botox maker Allergan in a cash-and-stock deal valued at around $63 billion.
The maker of the blockbuster immune disorder treatment Humira said Tuesday that it will pay $120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to $188.24 per share, or a 45% premium to Allergan's closing price Monday.
Shares of Allergan Plc, based in Dublin, Ireland, jumped nearly 30% before the opening bell. Allergan Plc was formed in 2015 when Irish-registered Actavis Plc acquired U.S.-registered Allegan Inc., then headquartered in Irvine, and assumed the Allergan name. AbbVie shareholders will own 83% of the specialty drug company combination after the deal's completion while Allergan shareholders will have a 17% stake.Shares of AbbVie Inc., based in North Chicago, Ill., sank 10% before the opening bell.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Abbvie is buying Allergan in a $63 billion pharma mega-dealThe biopharmaceuticals giant and drugmaker are combining to create a leader across immunology, neuroscience, eye care and other medical fields.
Read more »
Allergan spikes 30% after AbbVie agrees to buy the Botox-maker for $63 billionAbbVie expects the acquisition to generate at least $2 billion in pre-tax synergies and cost reductions within three years.
Read more »
Aging AbbVie turns to ugly $63 bln Botox remedyThe drug maker’s Humira accounts for more than half its sales but may soon face competition. Buying Botox maker Allergan at a 45% premium looks like an excessively expensive and temporary face-lift. AbbVie’s money and time could be better spent on more invigorating targets.
Read more »
AbbVie looks beyond Humira with $63 billion deal for Botox-maker AllerganDrugmaker AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc for a...
Read more »
AbbVie Strikes Deal to Buy Allergan for About $63 BillionAbbVie has reached a deal to buy Allergan for about $63 billion, as two big drugmakers bet a combination will deliver new sources of growth they have struggled to find on their own.
Read more »