Wells Fargo Downgrades Pharmacyclics (PCYC) to Market Perform
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Analyst Calls AbbVie (ABBV) Takeover of Pharmacyclics (PCYC) 'Desperate'
March 5, 2015 11:14 AM ESTAbbVie (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
AbbVie (ABBV) to Acquire Pharmacyclics (PCYC) for $21 Billion
March 4, 2015 10:53 PM ESTAbbVie (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
