AbbVie Plans to Purchase Pharmacyclics for $21 Billion

In an effort to increase its oncology drugs division, AbbVie plans to purchase Pharmacyclics (the maker of the cancer drug, Imbruvica) for $21 billion. AbbVie will pay $261.25 per share in cash and stock. The deal will ultimately consist of 58% cash and 42% AbbVie common stock. Imbruvica has U.S. approvals for 4 types of blood cancer, and it is expected to have sales of $1 billion for 2015.

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