AbbVie Will Use Allergan Revenue To Fund Combined Firm's Large R&D Pipeline
While AbbVie said its $63bn purchase places little value on Allergan's R&D pipeline, the companies have 62 drugs in clinical development with 38 in Phase II and III or filed with regulators, including new indications for approved products.
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As previously indicated, AbbVie will go with an internal candidate, president and COO Robert Michael, to succeed Richard Gonzalez as CEO. The company has recently positioned Michael prominently.
Buying Cerevel six days after the ImmunoGen takeout, with a combined value of nearly $19bn, AbbVie thinks it has restocked its pipeline with future blockbusters to drive post-Humira growth.
A week after bidding more than $10bn for ImmunoGen, AbbVie made one of 2023’s largest acquisitions again, this time betting big on Cerevel and its emraclidine for schizophrenia.