World Library  
Flag as Inappropriate
Email this Article

AbbVie

Article Id: WHEBN0037665564
Reproduction Date:

Title: AbbVie  
Author: World Heritage Encyclopedia
Language: English
Subject: Abbott Laboratories, Multinational companies, List of companies of the United States, North Chicago, Illinois, Calico (company)
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

AbbVie

AbbVie
Type Public
Industry Biopharmaceutical
Founded 2013 (2013)
Headquarters North Chicago, Illinois, United States
Area served Worldwide
Key people Richard A. Gonzalez, Chairman & CEO
Revenue Increase $4.926 billion (2Q14)
Net income Increase $1.1 billion (2Q14)
Employees 25,000
Website .comabbvie

AbbVie (NYSE: ABBV) is a research-based biopharmaceutical company.

History

On October 19, 2011, Abbott Laboratories announced that it planned to separate into two publicly traded companies, one focused on diversified medical products and the other on research-based pharmaceuticals. The medical products company retained the Abbott name, and the research-based pharmaceuticals company was named AbbVie.[1][2] The separation was effective January 1, 2013[3] and AbbVie was officially listed on the New York Stock Exchange (ABBV) January 2, 2013.[4]

AbbVie is led by Richard A. Gonzalez, a 30-year Abbott veteran who served previously as Executive Vice President of Pharmaceuticals. He also served as Abbott’s President and Chief Operating Officer, prior to a brief retirement in 2007. AbbVie features Humira, a medicine that has exceeded $10 billion in global sales.

Shire

On June 20, 2014 Reuters reported that AbbVie had attempted to acquire Shire for $46.5 billion (£27.3 billion or £46.11 per share); however, this offer was rejected.[5] On July 8, AbbVie raised this offer to $51.5 billion. On July 11, it emerged that Shire had begun negotiating with AbbVie. One aspect of the potential deal would allow AbbVie to move its tax domicile from Illinois to the United Kingdom, reducing the company's liable tax rate from 22% to 13%.[6] On July 14, Bloomberg reported that AbbVie would back a fifth offer, increasing it to $53.7 billion.[7] On July 18, it was announced that AbbVie would acquire Shire for $54.8 billion. As part of the deal AbbVie will acquire a series of rare-disease drugs, including Elaprase for Hunter syndrome and Replagal for Fabry disease.[8] On October 15th, news broke suggesting AbbVie was reconsidering their proposed takeover deal due to changes in US "Tax Inversion" law [9] and on October 16, AbbVie's board recommended that shareholders vote against the deal.[10] On October 21 the merger was called off.[11]

Co-Developments

Infinity Pharmaceuticals

In September 2014, it was announced that AbbVie would join Infinity Pharmaceuticals in co-developing and commercializing Infinity's phosphoinositide-3-kinase (PI3K) inhibitor, duvelisib (IPI-145). This deal could net up to $805 million for Infinity through upfront and milestone based payments.[12]

Calico

In September 2014 it was announced that AbbVie would collaborate with Calico (an abbreviation of California Life Sciences LLC), a Google company, as it creates a $1.5 billion R&D site in San Francisco Bay. The collaboration is aimed at developing new treatments for neurodegeneration and cancer.[13]

References

  1. ^ Abbott Press Release (October 19, 2011). "Abbott to Separate into Two Leading Companies in Diversified Medical Products and Research-Based Pharmaceuticals". Retrieved March 22, 2012. 
  2. ^ Abbott Press Release (March 21, 2012). "Abbot Selects AbbVie as New Name for Future Research-Based Pharmaceutical Company". Retrieved March 22, 2012. 
  3. ^ Abbott Press Release (2 January 2013). "Abbott Completes Separation of Research-Based Pharmaceuticals Business". Abbott Laboratories. Retrieved 2 January 2013. 
  4. ^ AbbVie Press Release (2 January 2013). "AbbVie Celebrates Launch As New Biopharmaceutical Company With Employees, Patients". AbbVie Pharmaceuticals. Retrieved 2 January 2013. 
  5. ^ "AbbVie Said to Consider New Bid After Shire Rejects Offer". Bloomberg. Retrieved 10 August 2014. 
  6. ^ "Shire Holding Takeover Talks With AbbVie". Bloomberg. Retrieved 10 August 2014. 
  7. ^ "AbbVie Moves Closer to Shire Deal With $53.7 Billion Bid". Bloomberg. Retrieved 10 August 2014. 
  8. ^ http://www.bloomberg.com/news/2014-07-18/abbvie-to-buy-shire-for-54-8-billion-as-drug-deals-surge.html
  9. ^ http://www.bloomberg.com/news/2014-10-15/abbvie-reconsidering-shire-sends-inversion-targets-down.html
  10. ^ http://www.bloomberg.com/news/2014-10-15/abbvie-said-close-to-shire-reversal-as-tax-rules-change.html
  11. ^ http://www.genengnews.com/gen-news-highlights/abbvie-shire-call-off-51-7b-merger/81250493/
  12. ^ http://www.genengnews.com/gen-news-highlights/abbvie-infinity-to-co-develop-duvelisib-in-up-to-805m-deal/81250297/
  13. ^ http://www.genengnews.com/gen-news-highlights/google-backed-calico-joins-abbvie-in-up-to-1-5b-collaboration/81250303/

External links

  • Company Homepage
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.