AbbVie extends Pharmacyclics offer to give FTC more time
This article was originally published in Scrip
AbbVie has extended the deadline of its exchange offer to acquire the shares of Pharmacyclics to 1 May. It also said it had withdrawn its Hart-Scott-Rodino filing and would resubmit it on 21 April, from when a new 30 calendar day HSR waiting period would commence. This was to provide US Federal Trade Commission with more time to review the proposed deal. This type of "pull and refile" procedure, in which a company withdraws its application and resubmits it within two working days, enables companies to provide additional information without having to be subject to a formal FTC 'second request', which is a more time-consuming and expensive way of giving the FTC extra time. AbbVie said it and Pharmacyclics "continue to work cooperatively with the FTC staff in their review". It expects the deal to close in the second quarter of 2015. AbbVie announced the $21bn cash and shares transaction on 4 March. As of 4pm EST on 17 April, around 47.5m Pharmacyclics shares (around 62% of total outstanding stock) had been validly tendered to the offer and not withdrawn.
You may also be interested in...
The best-seller rankings today are testament to the great success of antibody drug technology developed at the end of the last century, and contrast with the dominance of primary care small molecule drugs that powered big pharma in previous decades. But where did these drugs come from – and where are they going?
Novartis is to acquire the Phase III siRNA drug inclisiran in a cash deal that swells its cardiovascular portfolio. The move will not be welcomed by Amgen, Sanofi or Regeneron.
Alliance with Molecular Templates may help advance efforts under Vertex’s existing collaboration with CRISPR Therapeutics. Dragonfly’s latest partner for its TriNKET platform is AbbVie.