AbbVie buys Botox maker Allergan in US$63b deal

Business | 25 Jun 2019 8:05 pm

AbbVie is buying Botox maker Allergan in a cash-and-stock deal valued at around US$63 billion.

The maker of the blockbuster immune disorder treatment Humira said today that it will pay US$120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to US$188.24 per share, or a 45 percent premium to Allergan’s closing price Monday.

Shares of Allergan Plc, based in Dublin, Ireland, jumped by nearly 30 percent before the opening bell.

AbbVie shareholders will own 83 percent of the specialty drug company combination after the deal’s completion while Allergan shareholders will have a 17 percent stake.

Regulators and Allergan shareholders still have to approve the deal.

Shares of AbbVie Inc., based in North Chicago, Illinois, sank by 10 percent.-AP


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