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Home Industry News Allergan investors support AbbVie Merger

Allergan investors support AbbVie Merger

21st October 2019

Allergan shareholders have voted to support the merger with AbbVie. Allergan released in a statement that more than 99% of their shareholders cast their vote in favour of the deal, which accounted for more than two thirds of outstanding shares in the company.
The merger came as AbbVie are facing pressure to diversify its portfolio and to reduce its reliance on drug Humira, but it has faced some backlash from advocacy groups who claim that due to the size of what the company will become, the merger could harm consumers as it could become harder to negotiate price discounts. The deal adds $16bn to AbbVie’s annual revenue that will help to maintain the company’s profitability.
AbbVie and Allergan have been asked to give additional information to the FTC who continue to review the deal, but are hoping that their $188 per share cash and stock deal will be finalised early next year. In order to help secure approval from the FTC, Allergan have said it will divest inflammatory bowel disease candidate brazikumab and already-marketed exocrine pancreatic insufficiency therapy Zenpep.

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