Stockwatch: Repeating Past Mistakes At AbbVie
Could Coronavirus Extend AbbVie’s Accident-Prone M&A Record?
AbbVie’s latest, largest acquisition may be cast in a new light as the pandemic throws stock markets into turmoil and commercial prospects up in the air.
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Mylan and Pfizer’s Upjohn were all set to merge into Viatris by midway through this year, subject to certain approvals, but that will now not happen in that timeframe as the global coronavirus pandemic proves an insurmountable barrier to getting the deal over the line.
AbbVie already wrote off $4bn of the $5.8bn Stemcentrx acquisition that gave it the antibody-drug-conjugate, but now the company has ended all Rova-T development.
As part of its strategy to offset the coming Humira patent cliff, AbbVie Inc. is looking to oncology as a "significant pillar of growth" going forward, a gambit CEO Richard Gonzalez says will benefit greatly from both the pipeline candidates and the solid tumor R&D engine his company will obtain in the $5.8bn purchase of Stemcentrx announced April 28.