Replies to post #225384 on Biotech Values

[DewDiligence]

ABBV-AGN CC slides:

https://investors.abbvie.com/static-files/7b4c052f-bf32-4917-a239-0c1c9416550a

[DewDiligence]

Reminder: ABBV-AGN merger needs approval from China.

[DewDiligence]

ABBV sells $30B of bonds—in 10 tranches—to fund cash portion of AGN acquisition:

https://finance.yahoo.com/news/abbvie-prices-30-billion-senior-024500210.html

• $0.75B of 1.5-year notes at a floating rate
• $0.75B of 2-year notes at a floating rate
• $0.75B of 3-year notes at a floating rate
• $1.75B of 2-year notes @2.15%
• $3.0B of 3-year notes @2.30%
• $3.75B of 5-year notes @2.60%
• $4.0B of 7-year notes @2.95%
• $5.5B of 10-year notes @3.20%
• $4.0B of 20-year notes @4.05%
• $5.75B of 30-year notes @4.25%

This is the fourth-largest investment-grade corporate offering of all time.

[DewDiligence]

With FTC consent in hand, ABBV-AGN expect May 2020 merger closing:

https://www.prnewswire.com/news-releases/abbvie-and-allergan-sign-consent-decree-agreement-with-federal-trade-commission-staff-on-pending-transaction-301025767.html

The planned merger was originally announced on 6/25/19 (#msg-149577810).

[DewDiligence]

ABBV-AGN merger expected to close 5/8/20:

https://finance.yahoo.com/news/announcement-relating-outcome-court-sanction-105500126.html

[DewDiligence]

ABBV completes $65B AGN acquisition—becomes owner of Botox:

https://www.allergan.com/News/Details/2020/05/AbbVie%20Inc%20Completes%20Acquisition%20of%20Allergan%20plc

The deal, announced in Jun 2019 (#msg-149577810), entitles each AGN share to receive 0.886 shares of ABBV plus $120.30 in cash, a nominal value of $194.69/sh (3% higher than the $188.24/sh nominal value at the time of the deal announcement).