AbbVie chief executive defends Pharmacyclics deal in the face of analyst criticism

9 March 2015

As analysts question the price AbbVie (NYSE: ABBV) paid for Pharmacyclics (Nasdaq: PCYC), AbbVie’s chief executive Richard Gonzalez has defended the deal (The Pharma Letter March 5).

AbbVie paid $261.25 per share to acquire Pharmacyclics, which analysts have suggested was unduly high, but Mr Gonzalez said he was “happy with the value” and that Imbruvica [ibrutinib] will make it worthwhile, with its potential $7 million in annual sales.

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