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MARKET INTEL by PharmaCompass
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By PharmaCompass
2019-06-27
Impressions: 79 Article
The biggest news of the week was AbbVie Inc’s acquisition of rival drugmaker Allergan Plc for US$ 63 billion. Allergan is known for Botox and other cosmetic treatments, while AbbVie for its blockbuster immune disorder treatment — Humira.
Both companies are facing long-term challenges with their flagship brands. While AbbVie is facing the expiration of patent protection for Humira, which brought in a staggering US$ 20 billion in sales last year, Allergan is having to contend with rivals of Botox. Neither company has successfully acquired or developed a major new product to replace the sales generated by these blockbuster drugs.
In a statement, the companies said an AbbVie-Allergan combine will have sales of about US$ 48 billion, making it one of the biggest in the industry.
“This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” AbbVie CEO and Chairman Richard Gonzalez said in a statement. Gonzalez will remain chairman and CEO at AbbVie. Two members of Allergan’s board, including chairman and CEO Brent Saunders, will join AbbVie’s board once the deal closes. Regulators and Allergan shareholders still have to approve the deal.
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