Now that AbbVie has said it wants to dump Shire, we could soon have two companies back on the market--and both could prove popular as the dust settles. In fact, as Bloomberg reports, AbbVie could make a decent second choice to AstraZeneca if Pfizer so chooses.
Another one bites the dust in the Big Pharma megamerger craze. Weeks after the U.S. Treasury Department laid out new tax rules to limit the stream of corporate inversions, AbbVie called it quits on its proposed $55 billion takeover of Dublin-based Shire.
After first vowing to see the merger through despite new tax rules designed to make a merger much more difficult, AbbVie's board publicly hesitated yesterday and then early this morning recommended against going through with the tie-up, essentially killing the deal.
ConvaTec, maker of wound, ostomy and skin care products is exploring a sale of itself for as much as $10 billion with investment banks Morgan Stanley and Goldman Sachs.
Shire, which believed only a day ago that it would soon be bought out by AbbVie in a $54 billion deal prompted by tax advantages, is not going to just roll over and play dead now that its pursuer is getting cold feet. It insists the deal should go through.
AbbVie to Shire: Maybe that idea about merging regardless of what the Obama administration thinks wasn't so hot after all.
Sterilization and infection prevention products and services company Steris will acquire its more globally-focused peer Synergy Health in a cash and stock deal worth about $1.9 billion.
Ranbaxy Laboratories has been a steady source of bad news over the past several years. And now that India-based rival Sun Pharmacueticals is preparing to take over, the company's top U.S. leadership is throwing in the towel.
European Union antitrust regulators will now rule on the proposed $13.4 acquisition of Biomet by Zimmer by March 11, instead of Feb. 16, according to the European Commission's website.
As Sweden's Meda wraps up its buyout of the Italian drugmaker Rottapharm, it's rolling out a rights issue--to the tune of 2 billion kronor, or about $276 million--to help finance the deal.