Allergan's Big Deal: A Buyout, Not A Split, Appeases Wary Investors
Allergan was expected to announce soon that it would follow its shareholders' advice and split the company in two, but it's being acquired by AbbVie for $63bn instead, finally giving investors a big boost in their Allergan holdings after years of decline.
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AbbVie is buying Allergan for its product sales, both to increase its own revenues and to fund future R&D and business development, so Allergan's Q2 gains are good news.
While it works on merging with Allergan, AbbVie is tracking biosimilar sales erosion to Humira, the promising launch of Skyrizi and the growth of Imbruvica and Venclexta. It is terminating a Phase II study of a tau-targeting antibody and worried about aspects of the Senate drug pricing bill.
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