Date: May 21, 2015 Source: Yahoo Finance (
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Abbvie specifies breakdown of $21 billion cash-and-stock buyout of Pharmacyclics
NEW YORK (AP) -- Abbvie Inc. specified the stock and cash breakdown on Thursday of its previously announced $21 billion buyout of Pharmacyclics Inc.
The drugmaker said the mixed consideration will consist of $152.25 in cash and 1.6639 shares of AbbVie common stock and, subject to proration, the all-stock consideration will consist of 3.9879 shares of AbbVie common stock.
Pharmacyclics shareholders can choose between those two offers, or opt to receive the deal value all in cash.
In March, Abbvie announced the buyout, which adds another major revenue producer to its portfolio, which already includes the world's top-selling drug. The deal gives the North Chicago, Illinois, drugmaker Imbruvica, a blood cancer treatment that Pharmacyclics makes and then markets with Johnson & Johnson's Janssen Biotech.
The offer came months after AbbVie scuttled a roughly $55 billion deal to buy another drugmaker, Shire, after the U.S. government created new limitations on the tax benefits of reincorporating overseas. AbbVie would have reincorporated on the British island of Jersey, where Shire is incorporated.
