AbbVie chief executive defends Pharmacyclics deal in the face of analyst criticism
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.
Mr Gonzalez said: “Imbruvica represents a pipeline in a molecule, much like Humira did... The reality is in the pharma business, you have to go out and find new opportunities and new technologies.”
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze