Allergan Acquired by Abbot Labs Spin off, AbbVie Inc.
AbbVie Inc., the pharma spin-off from Abbot Labs and Allergan announced that the companies have entered into a definitive transaction agreement under which AbbVie will acquire Allergan in a cash and stock transaction for a transaction equity value of approximately $63 billion.
According to Allergan, the portfolio including medical aesthetics, eye care, CNS and gastrointestinal businesses, will enhance AbbVie’s growth platform and create substantial value for shareholders of both companies.
The strategic rationale cited in the news release is that Allergan’s product portfolio will be enhanced by AbbVie’s commercial expertise and international infrastructure.
Upon completion of the transaction, AbbVie will continue to be incorporated in USA and have its principal executive offices in North Chicago, Illinois and will continue to be led by current chairman and CEO, Richard A. Gonzalez. Two members of Allergan’s Board, including chairman and chief executive officer, Brent Saunders, will join AbbVie’s Board upon completion of the transaction.
Click HERE for the full press release.