AbbVie completes acquisition of Pharmacyclics

AbbVie has announced the completion of its acquisition of Pharmacyclics, which has now become a wholly-owned AbbVie subsidiary.

An established leader in the haematological oncology market, Pharmacyclics is responsible for developing Imbruvica, a first-in-class BTK-inhibitor used to treat haematological cancers.

The deal will significantly enhance AbbVie's scientific and commercial presence in oncology, drive sales and earnings growth and diversify its revenue base. The acquisition is expected to be accretive from 2017 onwards.

AbbVie and Pharmacyclics will be able to share expertise and leverage their combined oncology pipeline to transform the cancer treatment landscape for haematological malignancies.

Richard Gonzalez, chairman and chief executive officer at AbbVie, said: "Today marks a significant step forward in our effort to become a leader in oncology and meaningfully augment our long-term growth strategy."

This marks the company's first major acquisition since becoming an independent business in 2013. It follows the abortion of its planned merger with Shire last year.