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AbbVie: Expect Smaller Deals Near-Term After 2023’s Big Finish

 
• By Joseph Haas

At the J.P. Morgan conference, AbbVie president Robert Michael said the company must effectively integrate ImmunoGen and Cerevel, which it expects to drive long-term growth.

AbbVie exterior
AbbVie does not expect to make any more major acquisitions near-term • Source: Alamy

AbbVie Inc. intended for its $19bn+ pair of acquisitions late in 2023 to drive revenue growth in the 2030s, not the current decade, president Robert Michael said during the firm’s J.P. Morgan Healthcare Conference presentation on 10 January, and in the near-term investors should only expect smaller deals from the pharma.

Michael said the likely decision to focus on smaller deals after the $10.1bn buyout of ImmunoGen, Inc. on 30 November and the $8.7bn acquisition of Cerevel Therapeutics Holdings, Inc. on 6 December is not a matter of finances, but of wanting to make sure that the new two new companies are integrated effectively into AbbVie

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