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| Botox Maker Allergan Is Sold to AbbVie in $63 Billion Deal | |
| (about 1 hour later) | |
| The drugmaker AbbVie said on Tuesday that it planned to buy Allergan, the maker of Botox, for about $63 billion, in one of the biggest mergers in the health care industry this year. | The drugmaker AbbVie said on Tuesday that it planned to buy Allergan, the maker of Botox, for about $63 billion, in one of the biggest mergers in the health care industry this year. |
| If completed, the deal would give AbbVie a potent source of popular treatments as it faces the loss of patent protection for its best-selling drug, Humira, a treatment for rheumatoid arthritis. | If completed, the deal would give AbbVie a potent source of popular treatments as it faces the loss of patent protection for its best-selling drug, Humira, a treatment for rheumatoid arthritis. |
| It is the second-biggest takeover in the pharmaceutical industry announced this year, after Bristol-Myers Squibb agreed to buy Celgene, a maker of anticancer drugs, for $74 billion. | It is the second-biggest takeover in the pharmaceutical industry announced this year, after Bristol-Myers Squibb agreed to buy Celgene, a maker of anticancer drugs, for $74 billion. |
| Under the terms of the deal, AbbVie will pay 0.866 of its shares and $120.30 in cash for each share of Allergan. That is worth about $188.24 a share as of Monday’s closing prices, a nearly 45 percent premium on Allergan’s share price. | Under the terms of the deal, AbbVie will pay 0.866 of its shares and $120.30 in cash for each share of Allergan. That is worth about $188.24 a share as of Monday’s closing prices, a nearly 45 percent premium on Allergan’s share price. |
| “This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” Richard A. Gonzalez, AbbVie’s chairman and chief executive, said in a statement. | “This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” Richard A. Gonzalez, AbbVie’s chairman and chief executive, said in a statement. |
| Allergan’s chairman and chief executive, Brent Saunders, said that the proposed deal “creates compelling value” for his company’s shareholders and customers. | Allergan’s chairman and chief executive, Brent Saunders, said that the proposed deal “creates compelling value” for his company’s shareholders and customers. |
| Shares in AbbVie were down 5 percent in premarket trading on Tuesday, while Allergan shares were up 31 percent. AbbVie is based in Chicago; Allergan has its headquarters in Dublin, although it has many facilities in the United States. | Shares in AbbVie were down 5 percent in premarket trading on Tuesday, while Allergan shares were up 31 percent. AbbVie is based in Chicago; Allergan has its headquarters in Dublin, although it has many facilities in the United States. |