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ABBVIE

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AbbVie : Nears Deal to Buy Allergan for More Than $60 Billion

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06/25/2019 | 06:42am EDT

By Cara Lombardo, Jonathan D. Rockoff and Dana Cimilluca

AbbVie Inc. is nearing a deal to buy Allergan PLC for more than $60 billion, according to people familiar with the matter, as the two big drugmakers bet a combination will deliver new sources of growth they have struggled to find on their own.

The takeover, worth $188 a share in cash and stock, is expected to be announced later Tuesday, the people said. The price, mainly to be paid in cash, represents a 45% premium over Allergan's closing share price Monday of $129.57. If not for a surge in the shares in recent days on expectations for a breakup of the company, the premium would be even bigger.

Buying Dublin-based Allergan would deliver a dominant position in the $8 billion-plus market for Botox and other beauty drugs, as well as a number of popular eye treatments, as AbbVie braces for the end of patent protection for the world's top-selling drug, Humira.

The companies' portfolios have some overlap in treatments for brain, women's-health, stomach and other disorders, though the combination would take AbbVie into the new realm of frown-line smoothing, eyelash lengthening and double-chin removal.

Allergan's nearly $16 billion in yearly revenue would also give AbbVie another source of cash to hunt for a new generation of products.

Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE 1.76% 76.46 Delayed Quote.-17.06%
ALLERGAN PLC 0.64% 173.6 Delayed Quote.29.88%
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Financials (USD)
Sales 2019 33 136 M
EBIT 2019 15 718 M
Net income 2019 9 782 M
Debt 2019 28 501 M
Yield 2019 5,63%
P/E ratio 2019 11,6x
P/E ratio 2020 8,87x
EV / Sales2019 4,27x
EV / Sales2020 3,84x
Capitalization 113 B
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 89,36  $
Last Close Price 76,46  $
Spread / Highest target 70,0%
Spread / Average Target 16,9%
Spread / Lowest Target -1,91%
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NameTitle
Richard A. Gonzalez Chairman & Chief Executive Officer
Michael E. Severino Vice Chairman & President
Azita Saleki-Gerhardt Executive Vice President-Operations
Robert A. Michael Chief Financial Officer & Senior Vice President
Carlos Alban Vice Chairman & Chief Commercial Officer
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