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Shire and Abbvie tie the knot
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Shire and Abbvie tie the knot

21.07.2014 - Abbvie’s tenacious pursuit of British rival Shire is finally paying off: The two companies have unveiled their transatlantic merger worth £32bn (€40bn).

It is the biggest takeover of this year so far: Abbvie is buying UK's specialty pharma company Shire for €40bn. The merger was the subject of a two month-long courtship, and reluctant Shire rejected four previous offers of its US suitor. Under the terms of the agreement, Abbvie will pay £52.48 per Shire share, compounded of £24.44 in cash and 0.8960 New AbbVie Shares. The transaction is expected to be completed in the fourth quarter of 2014.

The combined company will be one of pharma’s giants: at the moment it would have 30.000 employees generating  close to £15bn in annual sales. Richard Gonzalez, Chairman of the Board and CEO of Abbvie, commented: "By combining Abbvie and Shire, we’re creating a unique, diversified biopharmaceutical company. The combined company would benefit from a best-in-class product development platform, a stronger pipeline and more enhanced R&D capabilities."

More on the history of the merger

Shire gives in to Abbvie’s courtship

Abbvie makes a grab for British Shire


© european-biotechnology-news.com/um

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No liability assumed, Date: 21.07.2014