Volume 92 Issue 26 | p. 6 | News of The Week
Issue Date: June 30, 2014

Abbvie Courts Ireland’s Shire

Inversion: A deal would bring significant tax savings for the big pharma firm
Department: Business
Keywords: pharmaceuticals, rare diseases, M&A, tax inversions

Citing an insufficient price, the Irish specialty pharmaceuticals firm Shire has turned down a $46 billion takeover proposal from U.S.-based AbbVie. Industry experts believe AbbVie will continue its pursuit, in part for the tax savings the deal would bring, and other companies may enter the fray.

AbbVie first approached Shire, a London-listed firm that develops rare disease, neuroscience, and gastrointestinal drugs, in early May with an offer worth roughly $66.00 per . . .

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