Wells Fargo Downgrades Pharmacyclics (PCYC) to Market Perform
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March 5, 2015 11:14 AM EST
AbbVie (NYSE: ABBV) shares weakened Thursday after it announced a surprise deal to acquire Pharmacyclics (NASDAQ: PCYC) for $21 billion, or $261.25 per share. Previous rumors suggested Johnson & Johnson (NYSE: JNJ) would acquire the company.
In the view of many, including Bernstein's Geoffrey C. Porges, the... More
March 4, 2015 10:53 PM EST
AbbVie (NYSE: ABBV) and Pharmacyclics (NASDAQ: PCYC) today announced a definitive agreement under which AbbVie will acquire Pharmacyclics, and its flagship asset Imbruvica® (ibrutinib), a highly effective treatment for hematologic malignancies. The acquisition accelerates AbbVie's clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology an attractive and rapidly growing market, now approaching $24 billion globally. The acquisition adds to AbbVie's already comprehensive pipeline and strong growth prospects.
Under the terms of the transaction, AbbVie will pay... More
