AbbVie has wrapped up its $63 billion acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court.
According to the firm, the move significantly expands and diversifies AbbVie’s revenue base and complements existing leadership positions in immunology, with Humira (adalimumab), and recently launched Skyrizi (risankizumab) and Rinvoq (upadacitinib), and haematologic oncology, with Imbruvica (ibrutinib) and Venclexta (venetoclax).
Also, it says Allergan provides new growth opportunities in neuroscience, with Botox therapeutics, Vraylar (cariprazine) and Ubrelvy (ubrogepant) and a global aesthetics business, with leading brands including Botox (botulinum toxin type A) and Juvederm.
“This diversified on-market portfolio will drive the existing AbbVie growth platform (ex-Humira) to approximately $30 billion in revenues in full year 2020, with combined revenues of approximately $50 billion,” AbbVie note in a statement.
“It also positions the company for enhanced long-term growth potential, a growing dividend and investment in innovation in each of its therapeutic categories.”
“The new AbbVie will be a well-diversified leader in many important therapeutic categories, with both on-market and pipeline assets, and our financial strength will allow us to continue to invest in innovative science and continue to serve unmet medical needs of patients that rely upon us,” commented Richard A. Gonzalez, AbbVie's chairman and chief executive.
In connection with the closing of the deal, AbbVie's board of directors has elected Thomas C. Freyman, retired executive VP and chief financial officer of Abbott, to join the board.