AbbVie nabs Shire for $54B

AbbVie, in the latest example of a US drugmaker seeking to lower its tax rate, said today that it's buying Dublin-based Shire for $54 billion.

Shire's board recommended the offer. The company asked AbbVie for a higher bid earlier this week, following several rejections of previous offers by the US company.

AbbVie plans call for the company to be based in the UK, lowering its tax rate to 13%, from 22% now, the Wall Street Journal reported. 

A wave of pharma company acquisitions of overseas rivals has prompted US Treasury Secretary Jacob Lew to try to get US legislators to clamp down on the tactic.

You must be a registered member of MMM to post a comment.