AbbVie Inc. said late Wednesday it will buy cancer biotech Pharmacyclics Inc. in a $21 billion deal... "Doesn't make a lot sense"
I am with you. Gonzalez is an absolute disaster for Abbv. $21B for less than a half in $1B-annual sale. WOW. GILD got Pharmacist for $11B with ~$16B+ annual HCV sale just for itself!
PS Abbv could get Enanta for $1.5B (the amount of penalties Gonzales paid for his failed tax adventure).
AbbVie Inc. today announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of common stock of Pharmacyclics, Inc. to 5 p.m., New York City time, on May 22, 2015.
The depositary of the exchange offer has advised that, as of 4:00 p.m., New York City time, on May 15, 2015, a total of approximately 42,822,941 shares of Pharmacyclics common stock were validly tendered and not properly withdrawn in the exchange offer.
In these studies (PCYC-1102 and PCYC-1103), with five years of follow-up, the ORR in patients treated with IMBRUVICA was 89%, with 14% of patients achieving complete responses (CR) [87% ORR with 29% CR in TN patients (n=31) and 89% ORR with 10% CR in r/r patients (n=101)]. Median time on study was 62 months (1-67) for TN patients and 49 months (1-67) for r/r patients.
Overall survival (OS) at five years was 92% for TN patients and 57% for r/r patients, with a PFS rate of 92% and 43%, respectively. Median OS and median duration of response (DOR) was not reached. Median PFS was not reached in TN patients and was 52 months for r/r patients.
These are the kinds of results ABBV was hoping for when it acquired PCYC (and approximately half the worldwide Imbruvica economics) for $21B in 2015 (#msg-111425234).