Monday, 14 July 2014

AbbVie bids $54B for Shire in latest tax-inversion deal

AbbVie Shire

Drugmakers AbbVie and Shire have entered detailed talks about a possible merger after AbbVie raised its bid to $54 billion US.

Shire, based on the British island of Jersey, said it is interested in accepting the offer after AbbVie proposed a cash-stock combination valued at pounds £53.20 ($91) for each share of Shire.
For AbbVie, which was spun off Abbott Laboratories last year, one of the attractions is transferring its own headquarters to the low-tax jurisdiction of Jersey.

AbbVie, based in North Chicago, makes branded prescription drugs like anti-inflammatory drug Humira and pays about 22 per cent tax on its U.S. profit.

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