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Big pharma AbbVie’s $21 billion deal to acquire hot biotech Pharmacyclics was met with widespread skepticism by AbbVie investors Thursday, sending AbbVie’s stock down 4% in afternoon trading. AbbVie (ABBV) announced the cash-and-stock acquisition late Wednesday after rumors had been swirling all afternoon that Novartis (NVS) and Johnson & Johnson (JNJ) were engaged in a bidding war for Pharmacyclics (PCYC). It surprised Wall Street that AbbVie Scalper1 News
Scalper1 News