Persistence paid off for big pharma AbbVie (ABBV) Friday as it announced a takeover agreement with Shire (SHPG) after its fifth attempt. At the same time, Shire reported its Q2 earnings ahead of schedule, with results that beat analyst estimates. The basic terms of the deal were the same as Monday’s revised offer: 24.44 British pounds plus 0.8960 shares of the combined company for each Shire share. Based on AbbVie’s Thursday closing price, the
The push for U.S. companies to move overseas kept investors busy Monday as Mylan (MYL) agreed to buy part of Abbott Laboratories’ (ABT) generic-drug business and relocate to the Netherlands, sending its stock up nearly 3% on the stock market. Meanwhile, Abbott’s former proprietary-drug unit AbbVie (ABBV) revised its bid for Britain’s Shire (SHPG) again after the latter finally came to the bargaining table. Abbott will hang on to its branded
U.S. big pharma AbbVie (ABBV) raised its offer for British drugmaker Shire (SHPG) by 11% Tuesday morning, but Wall Street seemed pessimistic as both stocks fell on the stock market today . AbbVie offered 22.44 British pounds and an 0.8568 AbbVie share for each share of Shire, which works out to more than $51 billion. It’s AbbVie’s fourth