AbbVie Inc (NYSE:ABBV) is one of the largest drug makers in the world. In order to take its offerings to a new level, the company has decided to buy Pharmacyclics, Inc. (NASDAQ:PCYC) for $21 billion. PCYC has expertise in cancer drug making; hence, ABBV expects that this deal would enhance its overall portfolio in the near future.
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There were quite a few other companies than ABBV, which wanted to buy PCYC, but it placed the highest bid among all and grabbed this deal. As per the reports, Johnson & Johnson (NYSE:JNJ) was one of the companies that tried its luck, with this deal. Cancer is one of the most dangerous diseases of the world in today’s time. Thousands of patients lose their lives due to different types of cancers. In such situation, Treatment Imbruvica of PCYC is considered as the best cure for various cancers. It is the primary reason ABBV and other companies have shown interest in PCYC.
AbbVie Inc (NYSE:ABBV) has come up with quite a few high-quality drugs in the recent past. Biosimilars give a close competition to autoimmune drug Humira of ABBV. According to reports, Humira is one of the most popular and highest sold drugs in the world. It is responsible for generating a significant part of ABBV’s revenues. Over the past couple of years, ABBV has made a huge profit by selling Humira all across the globe, but things have changed now. Other companies have started offering similar drugs at a lesser price, which has enhanced problems for ABBV.
The senior management of the company expects to overcome from this situation with the help of Pharmacyclics, Inc. (NASDAQ:PCYC) in the near future. The deal will not only help the company in strengthening its financial position, but will also help enhance the portfolio of drugs in the future.