Shire Confirms Rejection of AbbVie Proposal - - BioPharm International

ADVERTISEMENT

Shire Confirms Rejection of AbbVie Proposal


In a June 20 statement, Shire confirms that the board had rejected a May 30, 2014 “unsolicited and highly conditional proposal” from AbbVie regarding a possible cash and share offer for Shire. Reuters estimated the value of the offer at $46 billion (27 billion-pounds).

Shire reports that the offer undermined the value of the company and its prospects, and the board had concerns with execution risks associated with the proposed structure, as AbbVie would redomicile in the UK for tax purposes.

The May 30 proposal followed two earlier proposals, which were also rejected, Shire reports. At AbbVie's request, Shire met with AbbVie to discuss key aspects of the Proposal. Following the meeting, Shire's board decided unanimously to reject the proposal on the basis that it fundamentally undervalued the company and its prospects.

Sources:
Shire
Reuters

 

 

blog comments powered by Disqus

ADVERTISEMENT

ADVERTISEMENT

FDA Approves Pfizer's Trumenba for the Prevention of Meningitis B
October 30, 2014
EMA: Extrapolation Across Indications for Biosimilars a Possibility
October 30, 2014
Bristol-Myers Squibb Announces Agreement to Acquire HER2-Targeted Cancer Treatment
October 29, 2014
Contract Research and Manufacturing Organization Paragon Bioservices Raises $13 Million
October 28, 2014
Yale and Gilead Extend Sequencing Initiative
October 28, 2014
Author Guidelines

Click here