AbbVie Nears Deal to Buy Allergan for More Than $60 Billion

Date : 06/25/2019 @ 11:56AM
Source : Dow Jones News
Stock : Abbvie Inc. (ABBV)
Quote : 69.46  -0.81 (-1.15%) @ 4:20PM

AbbVie Nears Deal to Buy Allergan for More Than $60 Billion

AbbVie Inc. (NYSE:ABBV)
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By Cara Lombardo, Jonathan D. Rockoff and Dana Cimilluca 

AbbVie Inc. is nearing a deal to buy Allergan PLC for more than $60 billion, according to people familiar with the matter, as the two big drugmakers bet a combination will deliver new sources of growth they have struggled to find on their own.

The takeover, worth $188 a share in cash and stock, is expected to be announced later Tuesday, the people said. The price, mainly to be paid in cash, represents a 45% premium over Allergan's closing share price Monday of $129.57. If not for a surge in the shares in recent days on expectations for a breakup of the company, the premium would be even bigger.

Buying Dublin-based Allergan would deliver a dominant position in the $8 billion-plus market for Botox and other beauty drugs, as well as a number of popular eye treatments, as AbbVie braces for the end of patent protection for the world's top-selling drug, Humira.

The companies' portfolios have some overlap in treatments for brain, women's-health, stomach and other disorders, though the combination would take AbbVie into the new realm of frown-line smoothing, eyelash lengthening and double-chin removal.

Allergan's nearly $16 billion in yearly revenue would also give AbbVie another source of cash to hunt for a new generation of products.

 

(END) Dow Jones Newswires

June 25, 2019 06:41 ET (10:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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