AbbVie Extends Exchange Offer Period in Pending $63-Bn Acquisition of Allergan

By Emily Forster -

January 2, 2020

AbbVie has extended its exchange offer expiration date in its pending $63-billion acquisition of Allergan until January 31, 2020. The exchange offer period was scheduled to expire on December 31, 2019. AbbVie announced the acquisition last year (2019).

In an update of the transaction provided in October 2019, the companies expected to close the transaction in early 2020. Under the proposed deal, which was announced in June 2019, Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share that they hold for a total consideration of $188.24 per Allergan share. Following closing, AbbVie shareholders will own approximately 83% of AbbVie on a fully diluted basis, and Allergan shareholders will own approximately 17% of AbbVie on a fully diluted basis.

Once the deal closes, the combined company would have 2019 annual combined revenue of approximately $48 billion and consist of several franchises in immunology, hematologic oncology, medical aesthetics, neuroscience, women’s health, eye care and virology.

Source: AbbVie