AbbVie signs $21 billion deal to acquire Pharmacyclics
Pharmaceutical major AbbVie has announced $21 billion deal to acquire cancer drug maker Pharmacyclics Incorporated.
AbbVie Buys Shire for $55 Billion
AbbVie bio-pharmaceutical company had signed a deal of $55 billion with Shire PLC on Friday. The deal between two reputed companies is considered as largest deal for the year.
To cut down the tax bill, the North Chicago-based AbbVie company decided to join hands with Shire. The tax rate of the company will be reduced to 13 % from 22 % in 2016.
In a Friday morning conference call with analysts, AbbVie Chief Executive Officer Richard Gonzalez said, "AbbVie's rationale for the deal goes well beyond the tax impact. He added that Shire's portfolio of drugs is an "excellent strategic fit".
