AbbVie Will Use Allergan Revenue To Fund Combined Firm's Large R&D Pipeline
While AbbVie said its $63bn purchase places little value on Allergan's R&D pipeline, the companies have 62 drugs in clinical development with 38 in Phase II and III or filed with regulators, including new indications for approved products.
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The merger closed in May, so the second quarter earnings report will be the first presentation of the combined company’s performance and outlook.
With a complete response letter for wet AMD drug abicipar, AbbVie is expected to move on from the drug acquired with Allergan. Molecular Partners now seems inclined to focus on IO, virology.
Big pharma stocks, with few exceptions, saw big declines in valuation in the quarter amid the COVID-19 stock market rollercoaster, but pharma outperformed the S&P 500, showing the industry's resiliency in a global health crisis.