AbbVie, Shire Agree On $55B Combination

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AbbVie, Shire Agree On $55B Combination

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AbbVie, Shire Agree On $55B Combination

by Wochit 0:44 mins

AbbVie, Shire Agree On $55B Combination

by Wochit 0:44 mins

U.S. drugmaker AbbVie has finally reached an agreement valued at around $55 billion to combine with Shire after its British counterpart rebuffed several takeover attempts. The deal would incorporate the company in the U.K., a move that would save it on corporate taxes. The companies say Shire shareholders will receive cash and stock valued at about 53.19 pounds ($91.07) for each of their shares. They will control about 25 percent of a new company created as part of the deal.

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