Sunnyvale Cancer Drug Maker Pharmacyclics To Be Acquired By AbbVie For $21 Billion
SUNNYVALE (CBS SF) – Biopharmaceutical giant AbbVie will purchase Sunnyvale-based cancer drug maker Pharmacyclics for $21 billion, the two companies announced Wednesday.
Pharmacyclics, a biopharmaceutical company found in 1991, makes drugs for the treatment of cancer and immune mediated diseases. The company may be best known for the drug Imbruvica, a pill used to treat blood cancers.
According to Bloomberg, Imbruvica costs $100,000 a year and sales are expected to grow to $3.56 billion in 2018.
"Its flagship product, Imbruvica, is not only complementary to AbbVie's oncology pipeline, it has demonstrated strong clinical efficacy across a broad range of hematologic malignancies and raised the standard of care for patients," AbbVie chairman and CEO Richard Gonzales said.
AbbVie is based in North Chicago, Illinois and was spun off from pharmaceutical giant Abbott Laboratories in 2013.
According to a written statement, Abbvie will pay $261.25 per share, comprised of a mix of cash and stock.
