AbbVie announces takeover of Pharmacyclics

AbbVie has agreed a deal to acquire the biopharmaceutical company Pharmacyclics in a deal worth $21 billion (13.89 billion pounds).

The deal is expected to bolster AbbVie's clinical and commercial presence in the field of oncology by strengthening its robust pipeline, while also establishing a strong leadership position in haematological oncology.

Through this transaction, the company will gain ownership of the blockbuster drug Imbruvica, a Bruton's tyrosine kinase inhibitor approved for use in four indications to treat three different types of blood cancer, including chronic lymphocytic leukaemia, mantle cell lymphoma and Waldenstrom's macroglobulinemia.

It is currently approved in more than 40 countries and is the only therapy to have received three breakthrough therapy designations from the US Food and Drug Administration.

Richard Gonzalez, chairman and chief executive officer at AbbVie, said: "The acquisition of Pharmacyclics is a strategically compelling opportunity. The addition of Pharmacyclics' talented and innovative team will add enormous value to AbbVie."

AbbVie currently employs around 25,000 people worldwide and sells its products in more than 170 countries.