Gains access to cancer treatment Imbruvica
Chicago, US-based AbbVie is to buy Pharmacyclics of Sunnyvale, California for approximately US$21bn giving the company access to cancer treatment Imbruvica.
AbbVie said the deal expands its clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishes a strong leadership position in the growing $24bn haematological oncology market.
Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity. The deal has been approved by the Boards of Directors of both companies.
Imbruvica is a Bruton's tyrosine kinase (BTK) inhibitor approved for use in four indications to treat three different types of blood cancers including chronic lymphocytic leukaemia, mantle cell lymphoma and Waldenstrom's macroglobulinemia.
The product received initial US FDA approval in 2013 and is the only therapy to have received three Breakthrough Therapy designations by the US regulator. It is currently approved in more than 40 countries.
'The addition of Pharmacyclics' talented and innovative team will add enormous value to AbbVie,' said Richard Gonzalez, Chairman and Chief Executive of AbbVie. 'Its flagship product, Imbruvica, is not only complementary to AbbVie's oncology pipeline, it has also demonstrated strong clinical efficacy across a broad range of haematologic malignancies.'