AbbVie Inc.

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AbbVie Inc.
Public
Traded as NYSE: ABBV
S&P 500 component
Industry Biopharmaceutical
Founded 2013; 11 years ago (2013)
Headquarters Lake Bluff, Illinois, United States
Area served
 Worldwide
(170+ Countries)
Key people
 Richard A. Gonzalez
(Chairman & CEO)
Revenue Increase $22.859 billion (2015)[1]
Increase $7.537 billion (2015)[1]
Increase $5.144 billion (2015)[1]
Total assets Increase $53.050 billion (2015)[1]
Total equity Increase $3.945 billion (2015)[1]
Number of employees
 28,000 (2015)
Slogan People. Passion. Possibilities.
Website abbvie.com

AbbVie is a pharmaceutical company that discovers, develops, and markets both biopharmaceuticals and small molecule drugs. It originated in 2013 as a spin-off of Abbott Laboratories.

History

On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies. The "new" Abbott Laboratories would specialize in diversified products including medical devices, diagnostic equipment and nutrition products, while AbbVie would operate as a research-based pharmaceutical manufacturer.[2] The separation was effective January 1, 2013 and AbbVie was officially listed on the New York Stock Exchange (ABBV) on January 2, 2013.[3] As of December 2015, the company employs in excess of 28,000 globally, and provides products to individuals in more than 170 countries.[4]

On September 3, 2014, AbbVie and Infinity Pharmaceuticals announced that they had entered into a global collaboration to develop and commercialize duvelisib, Infinity's PI3K inhibitor for the treatment of patients with cancer. On the same day, AbbVie and Calico announced that they had entered into a R&D collaboration intended to discover, develop and bring to market new therapies for patients with age-related diseases, including neurodegeneration and cancer. Calico (California Life Company) is an Alphabet Inc. subsidiary led by Arthur D. Levinson (former Chairman and CEO of Genentech) and Hal V. Barron (former Executive Vice President and Chief Medical Officer of Genentech) focused on aging and age-related diseases.[5]

In October 2014 after a long negotiation, Abbvie stopped its efforts to acquire Shire, which would have been one of the largest M&A deals of that year; Abbvie had to pay a $1.6 billion breakup fee.[6]

On June 3, 2015, AbbVie and Halozyme Therapeutics announced that they had entered into a global collaboration and licensing agreement to develop and commercialize products that combine AbbVie’s treatments and Halozyme’s ENHANZE drug-delivery technology.

On March 4, 2015 AbbVie announced its agreement to acquire oncology firm Pharmacyclics and its treatment for blood cancers, ibrutinib; AstraZeneca had also been bidding to acquire Pharmacyclics.[7] Under the terms of the transaction, AbbVie agreed to pay $261.25 per share as a mix of cash and AbbVie equity. The acquisition valued at approximately $21 billion was completed on May 26, 2015.[8] The Pharmacyclics name was retained, and it operates as a subsidiary of AbbVie from its previous Sunnyvale, California headquarters.[9] According to the Wall Street Journal by January 2016 ibrutinib, a specialty drug, cost US$116,600 to $155,400 a year wholesale in the United States. In spite of discounts and medical insurance, the prohibitive price causes some patients to not fill their prescriptions.[10] AbbVie estimates global sales of the drug at $1 billion in 2016 and $5 billion in 2020.[10]

On February 10, 2016, AbbVie and Cambridge, Massachusetts-based Synlogic announced a multi-year R&D collaboration. Synlogic is a synthetic biology company built on research from the labs of James Collins and Tim Lu at MIT. As part of the collaboration AbbVie is getting worldwide rights to Synlogic’s probiotic-based technology for treating inflammatory bowel disease, and the research teams will focus on Crohn’s disease and ulcerative colitis.[11] In April 2016, the company partnered with the University of Chicago to investigate a number of areas of oncology; breast, lung, prostate, colorectal, and hematological cancers.[12] In the same month the company announced it would co-commercialise Argenxs preclinical immunotherapy, ARGX-115. ARGX-115 is a first-in-class immunotherpay targeting GARP (glycoprotein A repetitions predominant), a membrane protein believed to enhance the immunosuppressive effects of T cells.[13] The company also announced a deal to co-develop/commericalise at least one of CytomX Probody conjugates against CD71 (transferrin receptor 1).[14]

On 28 April 2016, the company announced it would acquire Stemcentrx for up to $9.8 billion.[15] A day later, the company announced an expansion of a two and a half year old cystic fibrosis deal with Galapagos, portentially doubling milestone payments to $600 million.[16]

Acquisitions

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

AbbVie Inc

Pharmacyclics


Stemcentrx


Products

AbbVie developed adalimumab, which is marketed under the trade name Humira, a biopharmaceutical treatment for autoimmune diseases that has exceeded $10 billion in global sales. AbbVie’s portfolio of medicines also includes AndroGel, Creon, Duodopa and Duopa, Kaletra, Lupron, Niaspan, Norvir, Sevoflurane, Synagis, Synthroid, TriCor and Trilipix, Viekira, and Zemplar.

References

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