AbbVie to Acquire Pharmacyclics

AbbVie has entered a definitive agreement to acquire Pharmacyclics in a transaction valued at approximately $21 billion, gaining its flagship asset Imbruvica (ibrutinib) for hematologic malignancies. The acquisition expands AbbVie’s clinical and commercial presence in oncology. The transaction, subject to customary closing conditions, is expected to close in mid-2015.

Imbruvica is a Bruton’s tyrosine kinase (BTK) inhibitor approved for four indications to treat three different types of blood cancers including chronic lymphocytic leukemia, mantle cell lymphoma and Waldenstrom’s macroglobulinemia. Imbruvica received FDA approval in 2013 and is the only therapy to have received three Breakthrough Therapy designations by the FDA. It is currently approved in more than 40 countries

Potential further Imbruvica indications include solid tumors, as well as the potential to leverage AbbVie’s immunology expertise for the development of Pharmacyclics’ immunology program, and advance AbbVie’s efforts in hematologic malignancies.

“The acquisition of Pharmacyclics is a strategically compelling opportunity. The addition of Pharmacyclics’ talented and innovative team will add enormous value to AbbVie,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “Its flagship product, Imbruvica, is not only complementary to AbbVie’s oncology pipeline, it has demonstrated strong clinical efficacy across a broad range of hematologic malignancies and raised the standard of care for patients.”

“Team Pharmacyclics is honored and enthusiastic to join the AbbVie organization. We share a common purpose. Together and as one, our focus remains to create a remarkable difference for patient betterment around the world,” said Bob Duggan, chairman and chief executive officer, Pharmacyclics.