AbbVie Announces Completion of ‘Transformative Acquisition’ of Allergan

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NORTH CHICAGO, Ill.—AbbVie (NYSE: ABBV), a research-based global biopharmaceutical company, has completed its acquisition of Allergan plc following receipt of regulatory approval from all government authorities required by the transaction agreement and approval by the Irish High Court, according to an announcement by the company. Under the terms of the transaction agreement, Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total consideration of $193.23 per Allergan share (based on the closing price of AbbVie's common stock of $84.22 on May 7, 2020).

VMAIL reported the companies’ plans for a $63 billion deal in mid-2019. Allergan markets several products in the eyecare category, including Lumigan, Ozurdex, Durysta, Restasis (which has lost patent protection, but the FDA has not approved any generic competition) and the Refresh portfolio of over-the-counter products.

"We are pleased to reach this important milestone for the company, its employees, shareholders and the patients we serve," chairman and chief executive officer Richard A. Gonzalez said in the announcement. "Our new Allergan colleagues should be commended for all their efforts, along with those of our own employees, to achieve this turning point for our company. The new AbbVie will be a well-diversified leader in many important therapeutic categories, with both on-market and pipeline assets, and our financial strength will allow us to continue to invest in innovative science and continue to serve unmet medical needs of patients that rely upon us.”

According to AbbVie’s announcement, the transaction significantly expands and diversifies its revenue base and complements existing leadership positions in immunology, with Humira, and hematologic oncology. Allergan is best known for its Botox Therapeutics business segment.