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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  AstraZeneca PLC    AZN   GB0009895292

ASTRAZENECA PLC

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AbbVie-Allergan $63 billion deal aided by Nestle, AstraZeneca buys

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01/27/2020 | 05:32am EDT
The Allergan logo is seen in this photo illustration

U.S. drugmaker AbbVie's $63 billion tie-up with Allergan is getting help from Nestle and AstraZeneca buying up products the Irish-domiciled company is shedding to placate regulators.

AbbVie is swallowing Allergan to give it control of the lucrative wrinkle treatment Botox and to diversify a portfolio heavily dependent on its $19-billion-per-year arthritis drug Humira, the world's best-selling medicine that is advancing toward U.S. patent expiration.

Swiss food group Nestle bulked up its medical nutrition business with Allergan's Zenpep, a product with 2018 sales of $237 million which treats people whose pancreases do not provide enough enzymes to digest fats, proteins and sugars.

Nestle did not give financial details, but analysts from Zuercher Kantonalbank estimated the takeover could have cost the Vevey, Switzerland-based company more than $1 billion.

Meanwhile, AstraZeneca is regaining rights to brazikumab, Allergan's experimental drug against Crohn's Disease and ulcerative colitis. The European Commission said this month the immunology medicine must be divested because of the risk its development would be halted after AbbVie's takeover because of competing medicines.

"These definitive agreements represent significant progress toward the completion of our acquisition of Allergan," Richard Gonzalez, AbbVie's chairman and chief executive, said.

With regulators wary of the deal's anti-competitive potential, rivals are getting a chance to stock their own product shelves.

Nestle Chief Executive Mark Schneider, who also gets Allergan's Viokace, another pancreatic enzyme product, in Monday's deal, is bulking up on nutrition products that combine properties of medicine and food as the Swiss company expands in areas where growth may outpace its mainstream food business.

"This is a significant opportunity for our business in the United States," Greg Behar, head of Nestle Health Science, said in a statement.

AstraZeneca's pact for brazikumab marks a return of the inflammation medicine to the British drugmaker's portfolio. In 2016, Astra had struck a licensing deal with Allergan worth up to $1.5 billion for the medicine.

With its return to AstraZeneca, Allergan has agreed to fund development costs for brazikumab in Crohn's disease and ulcerative colitis, including the creation of a companion diagnostic, AstraZeneca said in a separate statement.

"This agreement creates an opportunity for us to complete the full development program and bring this potential new treatment option to patients as quickly as possible," Mene Pangalos, Astra's biopharmaceuticals research head.

Even if Allergan must foot the development bill, analysts appeared underwhelmed, in part because AbbVie's Skyrizi, or risankizumab, a similar medicine, has a head start.

"This could be another autoimmune product to add to Astra's portfolio, although it will be somewhat late to the market," Liberum's Alistair Campbell wrote in a note to investors.

By John Miller


Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE INC. -0.37% 83.645 Delayed Quote.-5.22%
ALLERGAN PLC 0.02% 193.02 Delayed Quote.0.97%
ASTRAZENECA PLC -0.26% 8056 Delayed Quote.6.18%
AT HOME GROUP INC. -2.01% 21.43 Delayed Quote.297.27%
BEST INC. -6.90% 2.765 Delayed Quote.-46.58%
DEERE & COMPANY -2.03% 229.4549 Delayed Quote.35.20%
FORBO HOLDING AG -0.57% 1400 Delayed Quote.-14.56%
JUST GROUP PLC -4.50% 43.28 Delayed Quote.-42.63%
NESTLÉ S.A. -0.82% 105.9 Delayed Quote.1.91%
SWISS RE LTD -1.92% 65.24 Delayed Quote.-38.80%
WILL GROUP, INC. -1.18% 837 End-of-day quote.-33.15%
WORLD CO., LTD. -0.86% 1384 End-of-day quote.-48.57%
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Financials (USD)
Sales 2020 26 703 M - -
Net income 2020 3 074 M - -
Net Debt 2020 13 178 M - -
P/E ratio 2020 47,8x
Yield 2020 2,68%
Capitalization 138 B 138 B -
EV / Sales 2020 5,66x
EV / Sales 2021 4,93x
Nbr of Employees 70 600
Free-Float 95,7%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 118,27 $
Last Close Price 105,12 $
Spread / Highest target 47,9%
Spread / Average Target 12,5%
Spread / Lowest Target -37,2%
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Managers
NameTitle
Pascal Soriot Chief Executive Officer & Executive Director
Leif Valdemar Johansson Non-Executive Chairman
Pam P. Cheng Executive VP-Operations & Information Technology
Marc Pierre Jean Dunoyer Chief Financial Officer & Executive Director
Menelas N. Pangalos EVP-Biopharmaceuticals Research & Development
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