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AbbVie completes Allergan acquisition11 May 2020
Creates biopharmaceutical company with leadership positions in immunology, hematologic oncology, neuroscience, and Allergan aesthetics.
AbbVie has officially completed its acquisition of Allergan plc. which places it in a strong position to benefit from long-term growth in several key therapeutic areas,
The transaction significantly expands and diversifies AbbVie's revenue base and complements existing leadership positions in immunology, with Humira, and recently launched Skyrizi and Rinvo, and hematologic oncology, with Imbruvica and Venclexta.
Allergan provides new growth opportunities in neuroscience, with Botox Therapeutics, Vraylar and Ubrelvy, and a global aesthetics business, with leading brands including Botox and Juvederm.
Richard A. Gonzalez, chairman and CEO, AbbVie, said: "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."
This diversified on-market portfolio will drive the existing AbbVie growth platform (ex-Humira) to approximately $30 billion in revenues in full-year 2020, with combined revenues of approximately $50 billion. It also positions the company for enhanced long-term growth potential.
In addition, in connection with the closing of the transaction, the AbbVie Board of Directors has elected Thomas C. Freyman, retired Executive Vice President and Chief Financial Officer, Abbott, to join the AbbVie board. Mr Freyman recently served on the Allergan Board of Directors.
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