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If the Shire deal is successful, North Chicago, Ill based AbbVie plans to base the new combined company in the UK to benefit from its lower corporate tax rate. The move is part of a wave of US health care companies looking to take advantage of European deals to lower their taxes.
Friday comes just hours before hours a UK Takeover Panel deadline to either launch an offer or walk away.
AbbVie, which was spun off from Abbott Laboratories in early 2013, Nike Uptempo Woman
makes the world top grossing drug, the rheumatoid arthritis treatment Humira, responsible for more than half of its sales. The Nike Uptempo 97 Release Date
Tax considerations appear to be the primary driver in AbbVie courtship of Dublin based Shire. The companies have little overlap in their respective businesses, limiting likely cost synergies.
acquisition of Shire would help diversify AbbVie current focus on anti inflammatory, HIV and cancer drugs and reduce its dependence on Humira before its US patent expires in 2016.
Shire board had previously rejected four takeover offers from AbbVie, the first valued at a share in mid Nike Air Max Uptempo 95 University Blue
June. AbbVie latest offer represents a 53 per cent premium to Shire closing share price the day before its first offer was made.
54 billion Shire takeover
US drug maker AbbVie Inc said on Friday it reached a deal to buy Shire PLC for more than $54 billion, one of the largest deals to date where a US company seeks to lower its tax rate by buying a foreign rival.
The offer, which has the backing of the Shire board, will be in cash and 0.8960 AbbVie share per Shire share. Shire shareholders would end up owning around 25 per cent of the new combined company above the 20 per cent threshold needed to pursue an inversion.
AbbVie says it wants to acquire Shire to diversify: It lacks a presence in Shire twin specialties of drugs to treat attention deficit disorder and treatments for rare genetic diseases like Hunter Nike Air Max Uptempo Mens Shoe syndrome. AbbVie also argues its greater global resources and scale could help boost Shire sales and its larger pool of scientists and regulatory experts could accelerate Shire new drug research and development.
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