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AbbVie Becomes An Overnight Oncology Force With Pharmacyclics

 
• By Jessica Merrill

The company outbid two rivals to win Pharmacyclics and its fast-growing cancer drug Imbruvica in an expensive acquisition that will cost AbbVie about $21 billion. But the fact that Pharmacyclics shares sales and profits on Imbruvica with J&J may leave some investors questioning the high premium.

AbbVie Inc. was prepared to pay big to win Pharmacyclics Inc. in a competitive acquisition process, outbidding two rivals in the final round of negotiations, according to CEO Richard Gonzalez.

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