AbbVie head of research to visit UK next week to push case for Shire takeover bid
AbbVie’s head of research Jim Sullivan will visit the UK next week to present the case for the listed Chicago, Illinois-based pharmaceuticals company’s takeover bid for listed Anglo-Irish rival Shire, The Daily Telegraph reported. The newspaper did not cite a source for the claim.
Shire has already rebuffed three bid approaches by AbbVie, the item noted.
Sullivan will try to dispel the idea that AbbVie relies too heavily on its Humira rheumatoid arthritis treatment, the item said, noting that Humira accounts for more than 50% of AbbVie’s USD 18.8bn (EUR 13.83bn) revenue for 2013. Humira’s patent protection is due to expire by 2017, according to the report.
Sullivan will probably highlight several AbbVie drugs in the latter stages of research, including treatments for Parkinson’s disease, multiple sclerosis and cancer drugs, the item said.
The report noted that AbbVie chief executive Rick Gonzalez has argued that although the company has no need to buy Shire, doing so would be of mutual benefit.
Sullivan will also probably emphasize overlaps in research between the two companies, the article added.
Shire’s market capitalisation stood at GBP 27.31bn at the close of trading in London yesterday, 4 July.
Source Daily Telegraph