AbbVie Inc.
 | |
| Public | |
| Traded as | NYSE: ABBV |
| Industry | Biopharmaceutical |
| Founded | 2013 |
| Headquarters | Lake Bluff, Illinois, United States |
Area served |
Worldwide (170+ Countries) |
Key people |
Richard A. Gonzalez (Chairman & CEO) |
| Revenue |
 $22.859 billion (2015)[1] |
|
$7.537 billion (2015)[1] | |
|
$5.144 billion (2015)[1] | |
| Total assets |
$53.050 billion (2015)[1] |
| Total equity |
$3.945 billion (2015)[1] |
Number of employees | 28,000 (2015) |
| Slogan | People. Passion. Possibilities. |
| Website |
abbvie |
AbbVie is a pharmaceutical company that discovers, develops, and markets both biopharmaceuticals and small molecule drugs. It originated in 2013 as a spin-off of Abbott Laboratories.
History
On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies. The "new" Abbott Laboratories would specialize in diversified products including medical devices, diagnostic equipment and nutrition products, while AbbVie would operate as a research-based pharmaceutical manufacturer.[2] The separation was effective January 1, 2013 and AbbVie was officially listed on the New York Stock Exchange (ABBV) on January 2, 2013.[3] As of December 2015, the company employs in excess of 28,000 globally, and provides products to individuals in more than 170 countries.[4]
On September 3, 2014, AbbVie and Infinity Pharmaceuticals announced that they had entered into a global collaboration to develop and commercialize duvelisib, Infinity's PI3K inhibitor for the treatment of patients with cancer. On the same day, AbbVie and Calico announced that they had entered into a R&D collaboration intended to discover, develop and bring to market new therapies for patients with age-related diseases, including neurodegeneration and cancer. Calico (California Life Company) is an Alphabet Inc. subsidiary led by Arthur D. Levinson (former Chairman and CEO of Genentech) and Hal V. Barron (former Executive Vice President and Chief Medical Officer of Genentech) focused on aging and age-related diseases.[5]
In October 2014 after a long negotiation, Abbvie stopped its efforts to acquire Shire, which would have been one of the largest M&A deals of that year; Abbvie had to pay a $1.6 billion breakup fee.[6]
On June 3, 2015, AbbVie and Halozyme Therapeutics announced that they had entered into a global collaboration and licensing agreement to develop and commercialize products that combine AbbVie’s treatments and Halozyme’s ENHANZE drug-delivery technology.
On March 4, 2015 AbbVie announced its agreement to acquire oncology firm Pharmacyclics and its treatment for blood cancers, ibrutinib; AstraZeneca had also been bidding to acquire Pharmacyclics.[7] Under the terms of the transaction, AbbVie agreed to pay $261.25 per share as a mix of cash and AbbVie equity. The acquisition valued at approximately $21 billion was completed on May 26, 2015.[8] The Pharmacyclics name was retained, and it operates as a subsidiary of AbbVie from its previous Sunnyvale, California headquarters.[9] According to the Wall Street Journal by January 2016 ibrutinib, a specialty drug, cost US$116,600 to $155,400 a year wholesale in the United States. In spite of discounts and medical insurance, the prohibitive price causes some patients to not fill their prescriptions.[10] AbbVie estimates global sales of the drug at $1 billion in 2016 and $5 billion in 2020.[10]
On February 10, 2016, AbbVie and Cambridge, Massachusetts-based Synlogic announced a multi-year R&D collaboration. Synlogic is a synthetic biology company built on research from the labs of James Collins and Tim Lu at MIT. As part of the collaboration AbbVie is getting worldwide rights to Synlogic’s probiotic-based technology for treating inflammatory bowel disease, and the research teams will focus on Crohn’s disease and ulcerative colitis.[11] In April 2016, the company partnered with the University of Chicago to investigate a number of areas of oncology; breast, lung, prostate, colorectal, and hematological cancers.[12] In the same month the company announced it would co-commercialise Argenxs preclinical immunotherapy, ARGX-115. ARGX-115 is a first-in-class immunotherpay targeting GARP (glycoprotein A repetitions predominant), a membrane protein believed to enhance the immunosuppressive effects of T cells.[13] The company also announced a deal to co-develop/commericalise at least one of CytomX Probody conjugates against CD71 (transferrin receptor 1).[14]
On 28 April 2016, the company announced it would acquire Stemcentrx for up to $9.8 billion.[15] A day later, the company announced an expansion of a two and a half year old cystic fibrosis deal with Galapagos, portentially doubling milestone payments to $600 million.[16]
Acquisitions
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
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Products
AbbVie developed adalimumab, which is marketed under the trade name Humira, a biopharmaceutical treatment for autoimmune diseases that has exceeded $10 billion in global sales. AbbVie’s portfolio of medicines also includes AndroGel, Creon, Duodopa and Duopa, Kaletra, Lupron, Niaspan, Norvir, Sevoflurane, Synagis, Synthroid, TriCor and Trilipix, Viekira, and Zemplar.
References
- 1 2 3 4 5 ":ABBV Annual Report Filling". morningstar.com. Retrieved 1 January 2016.
- ↑ "Abbott Labs to Split Into 2 Companies". The New York Times. October 19, 2011. Retrieved October 19, 2011.
- ↑ "Abbott Completes Separation of Research-Based Pharmaceuticals Business". AbbVie Inc. January 2, 2013. Retrieved January 2, 2013.
- ↑ "AbbVie - About Us". abbvie.com. Retrieved 1 January 2016.
- ↑ "Google-Backed Calico Joins AbbVie in Up to $1.5B Collaboration". Genetic Engineering & Biotechnology News. September 3, 2014. Retrieved June 4, 2015.
- ↑ Gelles, David (2014). "Dealbook: Mergers & Acquisitions: After Tax Inversion Rules Change, AbbVie and Shire Agree to Terminate Their Deal". The New York Times (online, October 20 ed.) (Zacks Equity Research).
- ↑ Nisen, Max (2015). "AstraZeneca Chases AbbVie, Cheaply". Chicago Business (online, December 17 ed.) (Crain's). Retrieved 31 December 2015.
- ↑ "AbbVie to Buy Pharmacyclics in $21 Billion Deal". The Wall Street Journal. March 4, 2015. Retrieved June 4, 2015.
- ↑ "AbbVie (ABBV) Announces Completion of Pharmacyclics Acquisition". StreetInsider.com. May 26, 2015. Retrieved June 5, 2015.
- 1 2 Walker, Joseph (1 January 2016). "Patients Struggle With High Drug Prices: Out-of-pocket costs for pricey new drugs leave even some insured and relatively affluent patients with hard choices on how to afford them". Belleville, Illinois: Wall Street Journal. Retrieved 1 January 2016.
- ↑ "AbbVie, Maker of World's No. 1 Drug, Bets Synthetic Biology Startup Can Raise the Bar". February 10, 2016. Retrieved February 10, 2016.
- ↑ "AbbVie, University of Chicago Launch Cancer Research Alliance". GEN.
- ↑ "AbbVie to Co-Develop argenx's Cancer Immunotherapy ARGX-115 - GEN News Highlights - GEN". GEN.
- ↑ "AbbVie to Co-Commercialize CytomX's Probody Drug Conjugates". GEN.
- ↑ "AbbVie to Acquire Stemcentrx for Up to $9.8B". GEN.
- ↑ "Galapagos, AbbVie Expand CF Collaboration to Up-to-$600M". GEN.