US-based AbbVie has completed the acquisition of biopharmaceutical firm Pharmacyclics in a deal worth an estimated $21bn.
Under the agreement, Pharmacyclics stockholders who elected to receive the mixed consideration will receive the mixed consideration that consists of 152.25 in cash and 1.6639 shares of AbbVie common stock per share of Pharmacyclics common stock.
According to AbbVie, Pharmacyclics stockholders who elected to receive the all-cash consideration will receive $261.25 in cash per share of Pharmacyclics common stock.
AbbVie chairman and CEO Richard Gonzalez said: "The companies’ shared expertise, combined with AbbVie’s broad late-stage oncology pipeline, has the potential to transform the cancer treatment landscape for haematological malignancies and improve patient outcomes and quality of life.
"Today marks a significant step forward in our effort to become a leader in oncology and meaningfully augment our long-term growth strategy."
The deal allowed AbbVie to acquire Pharmacyclics’ haematologic malignancies treatment Imbruvica (ibrutinib), in addition to enhancing clinical and commercial expertise in oncology.
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Bruton’s tyrosine kinase (BTK) inhibitor Imbruvica received approval for four indications to treat three different types of blood cancers, including chronic lymphocytic leukaemia, mantle cell lymphoma and Waldenstrom’s macroglobulinemia.
Having gained initial approval from the US Food and Drug Administration (FDA) in 2013, Imbruvica is the only therapy that obtained three breakthrough therapy designations from FDA.
Under the worldwide partnership with Janssen Biotech, Imbruvica is currently approved in around 50 countries and is in mid and late-stage development for additional haematological oncology indications with more than 60 clinical trials underway.