AbbVie has reached a deal to buy Allergan for about $63 billion, as two big drugmakers bet a combination will deliver new sources of growth they have struggled to find on their own.
Botox maker Allergan has a market capitalization of $42.47 billion, based on Monday’s close, according to FactSet. Photo: Richard Drew/Associated Press By Cara Lombardo, Jonathan D. Rockoff and Dana Cimilluca Updated June 25, 2019 7:35 am ET AbbVie Inc. ABBV -0.42% has reached a deal to buy Allergan AGN -0.95% PLC for about $63 billion, as the two big drugmakers bet a combination will deliver new sources of growth they have struggled to find on their own.
Related Lately, Wall Street has been clamoring for change at Allergan, with its shares trading at a fraction of their peak of more than $330 in the summer of 2015. Analysts have been saying the company could split into two pieces, but few expected CEO Brent Saunders to pull off a sale, especially at such a lofty premium.
Humira, a rheumatoid arthritis treatment, rang up $19.1 billion of AbbVie’s $32.8 billion of revenues last year. But lower-priced versions, known as biosimilars, are on sale in Europe and are scheduled to go on sale in the U.S. in 2023. In Allergan, AbbVie will take on a once-highflying drugmaker that has also struggled to find new sales growth.
For a time, Pfizer Inc. was going to buy Allergan for about $150 billion, but that transaction, also an inversion, fell through amid pushback from the Obama administration.
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