Drugmaker AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc for a...
- Drugmaker AbbVie Inc said on Tuesday it would buy Botox-maker Allergan Plc for about $63 billion, grabbing control of by far the biggest name in medical aesthetics to help reduce its reliance on blockbuster arthritis treatment Humira.
AbbVie Chief Executive Richard Gonzalez, 65, will helm the combined company and remain chairman and chief executive through 2023, the companies said. He has been under pressure over the last year to break up or sell the company, with activist investor David Tepper running a campaign to urge Allergan to hire an independent chairman.
Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each share held, for a total consideration of $188.24 per Allergan share, a premium of 45% to the stock’s Monday close. Including debt, the deal values Allergan at $83 billion. Maxim Jacobs, director of research for North America at Edison Investment Research, said the deal provides AbbVie with a set of assets to help diversify away from Humira at a very reasonable price.
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