AbbVie acquires Pharmacyclics, Inc.

AbbVie acquired Pharmacyclics, Inc. for $21 billion, a transaction completed in May 2015, structured as cash-and-stock election ($261.25 per share).

Pharmacyclics, Inc. operates in Hematologic oncology, is based in Sunnyvale, California. Pharmacyclics' flagship product was Imbruvica (ibrutinib), a first-in-class BTK inhibitor approved across several blood cancers and co-developed with Johnson & Johnson's Janssen unit. AbbVie prevailed in a bidding contest and paid $261.25 per Pharmacyclics share in cash and/or stock.

A strategically compelling opportunity: Imbruvica is complementary to AbbVie's oncology pipeline and had raised the standard of care across a broad range of hematologic malignancies.

The acquisition of Pharmacyclics is a strategically compelling opportunity. The addition of Pharmacyclics' talented and innovative team will add enormous value to AbbVie.Richard A. Gonzalez, Chairman and CEO, AbbVie

Advisory firms were not disclosed for this transaction.

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