AbbVie adds anti-cancer drug with acquisition
Pharmaceutical giant AbbVie, which has operations in Worcester, will acquire Pharmacyclics, maker of the blood cancer treatment Imbruvica (ibrutinib).
North Chicago-based AbbVie said Wednesday it will pay $261.25 per share, from a combination of cash and equity, to acquire the California-based company. The transaction values Pharmacyclics at about $21 billion, and was approved by both companies’ boards of directors.
“The addition of Pharmacyclics’ talented and innovative team will add enormous value to AbbVie,” Richard A. Gonzalez, AbbVie chairman and CEO, said in statement.
The drug Imbruvica “is not only complementary to AbbVie’s oncology pipeline, it has demonstrated strong clinical efficacy across a broad range of hematologic malignancies and raised the standard of care for patients,” Gonzalez said.
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