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biotech_researcher

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biotech_researcher

Re: jpequena post# 63464

Monday, 05/25/2015 3:39:35 PM

Monday, May 25, 2015 3:39:35 PM

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(Reuters) - AbbVie Inc is to buy Pharmacyclics Inc for about $21 billion, giving it access to what is expected to be one of the world's top-selling cancer drugs and expanding its reach in the profitable oncology field.

The deal -- the latest example of a big drugmaker swooping on a biotech firm to refill its medicine pipeline -- confounds expectations that Pharmacyclics would sell out to Johnson & Johnson .

AbbVie will pay $261.25 per share in cash and stock, a 13 percent premium to Pharmacyclics stock's closing price on Wednesday. Back in 2008 and 2009, the shares dipped below $1.
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