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US: AbbVie to Buy Allergan for $63B

By  |  June 25, 2019

US drugmaker AbbVie has agreed to buy Allergan, the Irish-domiciled maker of Botox, in a US$63 billion that is the sector’s latest blockbuster transaction driven by the need to replenish drug pipelines.

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    AbbVie is betting the acquisition will improve its offering as Humira, the world’s best-selling treatment for inflammatory diseases, is set to face competition from generic versions as the drug goes off patent in the US.

    Allergan’s portfolio is best known for Botox—a wildly popular non-surgical cosmetic treatment—but the company also makes drugs that are used in eyecare, gastroenterology, and to treat the central nervous system.

    The deal, worth about US$80 billion including debt, is the second this year that would knit together two of the world’s biggest pharmaceutical companies. Earlier this year, Bristol-Myers Squibb agreed to pay US$74 billion for rival cancer drugmaker Celgene.

    Full Content: Wall Street Journal

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