Should AbbVie break up Allergan? If it wants to make up for Humira, then yes, analyst says

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AbbVie and Allergan will likely lean on its "core six" assets to help spur future growth, RBC Capital Markets analyst Randall Stanicky said. (AbbVie)

When AbbVie inked its $63 billion Allergan deal, one fear above all motivated the deal: Biosimilars to megablockbuster Humira, due stateside in 2023. But Allergan's best-selling Botox and other promising drugs may not be enough.

Integrating Allergan and its blockbuster aesthetics med Botox could present structural challenges and further muddy AbbVie's future, RBC Capital Markets analyst Randall Stanicky said in a note to investors Monday. 

But "strategic moves," including selling or spinning off Allergan's medical aesthetics division, could give AbbVie's leadership a pathway to unlock Allergan's value. Essentially, break up its core business, Stanicky said. 

Of course, proposing an Allergan breakup is sticking to the script for Stanicky, who has called for the drugmaker's split for years. Weeks before the merger was announced, Stanicky said an Allergan split up was probably inevitable

"The reality is we're not sure what else management can do at this point," he said. 

A megamerger was apparently an option. AbbVie and Allergan's merger is currently under regulatory review, and the companies expect it to close early this year. 

RELATED: Could AbbVie-Allergan lean on skyrocketing Vraylar scripts in a post-Humira world?

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