Shire rebuffs AbbVie

Share this article:

Shire has turned AbbVie down yet again. An acquisition would benefit Chicago's AbbVie in two key ways. First, a successful acquisition would give the Illinois firm a favorable tax address if it declares Ireland its home. Second, the acquisition would give AbbVie a foothold in the rare-disease space in which Shire has established itself. AbbVie offered to buy Shire for $46.5 billion.

Shire made a case for its independence in a presentation Monday, in which the company said it is poised to bring in $10 billion in product sales by 2020. The company anticipates that in-line product sales will make up 70% of that projection, and the remaining $3 billion, or 30%, will come from existing pipeline products.

Shire told investors that near-term expectations hover around the $6.5 billion sales mark for next year.

Cenkos Securities analyst Navid Malik tells Bloomberg Shire's 2020 forecast  is “very achievable” and the New York Times notes that Shire has been shaping itself for this very moment through efforts including its $4.2 billion ViroPharma acquisition in November.

Share this article:
You must be a registered member of MMM to post a comment.
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Apple selfies spur diabetes donations

Jazz apples has launched a Crunch to Contribute campaign to raise money for one of two diabetes associations.

Baxter seeks Cambridge, Mass. HQ

Illinois may be tempted to offer tax incentives for the firm to stay put.

FDA wants Alexion to clean up

FDA inspectors have cited the manufacturer of the rare-disease drug Soliris (eculizumab) for poor manufacturing practices.