AbbVie to acquire Pharmacyclics, aiming to create leading hematological oncology franchise

5 March 2015

US drugmaker AbbVie (NYSE:ABBV) revealed late yesterday that it has reached agreement to acquire US biopharma company Pharmacyclics (Nasdaq: PCYC) and its flagship asset Imbruvica (ibrutinib), a highly effective treatment for hematologic malignancies.

The news came just as rumors of a takeover from two other companies were circulating. Already up 6.3% to $230.48 in regular trading, Pharmacyclics stock gained a further 2.9% to $237.20 in after-hours trading yesterday.

The acquisition accelerates AbbVie’s clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology – an attractive and rapidly growing market, now approaching $24 billion globally. The acquisition adds to AbbVie’s already comprehensive pipeline and strong growth prospects.

$21 billion transaction value

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