AbbVie sweetens pot of Shire offer to the tune of $53 billion
DUBLIN — Shire on Monday announced that the company requested and has received a revised proposal from AbbVie on Sunday that would value a proposed merger deal at $53 billion.
The revised proposal comprises £24.44 in cash ($41.82) and 0.8960 shares of new AbbVie per Shire share. Based on the AbbVie share price on July 11, AbbVie’s revised proposal has an indicative value of £53.20 ($91.04) per Shire share.
Under the revised proposal, Shire shareholders would own approximately 25% of the combined new AbbVie.
The board of Shire has indicated it would recommend the deal subject to satisfactory resolution of the other terms of the offer. Accordingly, the board is in detailed discussions with AbbVie in relation to these terms, Shire announced.
"There can be no certainty that any firm offer will be made," Shire stated. "This statement is being made by Shire with the agreement of AbbVie."
AbbVie believes the combination of the two companies would enhance innovation and end-to-end R&D capabilities, generating a best-in-class product development platform, with near-term new product launches in liver disease (HCV), neuroscience, immunology, oncology, rare diseases, ophthalmology and renal. AbbVie noted that its track record of product optimization is evidenced by its growth of the Humira franchise through increased penetration in existing indications, geographic expansion, and approvals for new indications.
According to a Wall Street Journal report, a Shire acquisition would help diversify AbbVie's current focus on anti-inflammatory, HIV and cancer drugs and reduce its dependence on Humira before its U.S. patent expires in 2016. Shire's portfolio of drugs include Vyvanse, which is indicated for attention-deficit disorder, and treatments for rare genetic diseases like Hunter syndrome.
CRN adds five companies to its roster
WASHINGTON — The Council for Responsible Nutrition on Thursday announced that five new companies have joined its membership roster.
The five companies include voting members Balchem, Solix BioSystems, and Suan Farma; and associate members NutriMarketing and Vanguard Global Associates.
“Our goal is to seek out companies that are committed to the long-term, sustainable and responsible growth of the industry, and we’re proud to have these new companies with us," stated Steve Mister, CRN president and CEO. "We’ve been very successful in serving our membership, and our efforts will continue to be strengthened as we continue to bring in strong companies.”
Lake Consumer Products to launch vH essentials PMS Relief Formula
JACKSON, Wis. — Lake Consumer Products, a subsidiary of Wisconsin Pharmacal Co., on Thursday acquired the exclusive North American rights to an over-the-counter product that addresses many of the key symptoms associated with premenstrual syndrome. Lake Consumer Products acquired the license from Back Bay Scientific.
Lake Consumer Products plans to launch the product, previously known as PMS Escape, under the trade name vH essentials PMS Relief Formula.
"Lake Consumer Products is excited about bringing this proven technology to market," said Jody Currie, director of innovation and business development at Wisconsin Pharmacal Co. "We believe this formula has the potential to positively impact the health and wellbeing of millions of women."
The PMS Relief Formula that will be marketed under the vH essentials brand consists of complex carbohydrates that work naturally with the body to increase, indirectly, the synthesis and activity of the neurotransmitter serotonin. Reduced levels of brain serotonin have been linked with PMS-associated mood disturbances, such as anxiety, anger, poor impulse control, an inability to concentrate and appetite changes.
In two clinical trials, the product improved typical PMS symptoms, such as anger, tension and confusion, for about three hours after consumption of the product. In addition, self-reported cravings for sweet and starchy foods also were significantly diminished, the company stated.
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