Pharmaceutical giant AbbVie, which has operations in Worcester, has extended its offer to buy California-based Pharmacyclics to May 15, the company announced.
The extension comes about two months after AbbVie agreed to pay $261.25 per share, from a combination of cash and equity, to acquire Pharmacyclics. The transaction values Pharmacyclics at about $21 billion, and was approved by both companies’ boards of directors.
Pharmacyclics makes the blood cancer treatment Imbruvica (ibrutinib), which has demonstrated “strong clinical efficacy across a broad range of hematologic malignancies and raised the standard of care for patients,” according to Richard A. Gonzalez, AbbVie chairman and CEO.
