AbbVie to Acquire Pharmacyclics, including its blockbuster product Imbruvica®, Creating an Industry Leading Hematological Oncology Franchise

- Adds Imbruvica® a first in class BTK inhibitor approved in multiple indications for blood cancers.

- Extensive clinical program with over 50 studies ongoing evaluating Imbruvica® as a treatment for a wide range of additional indications, including early assessments for solid tumors and potential treatment of Graft v Host disease.

- Broadens and deepens AbbVie's already robust pipeline, and establishes the combined company as an emerging leader in the hematological oncology space.

- Accelerates the company's commercial presence in oncology.

- Transaction valued at $261.25 per Pharmacyclics' share, total transaction value of approximately $21 billion

- Highly accretive to both revenue and earnings by 2017.

NORTH CHICAGO, Illinois and SUNNYVALE, California, March 5, 2015 /PRNewswire/ -- AbbVie (NYSE:ABBV) and Pharmacyclics (NASDAQ: PCYC) today announced a definitive agreement under which AbbVie will acquire Pharmacyclics, and its flagship asset  Imbruvica® (ibrutinib), a highly effective treatment for hematologic malignancies.   The acquisition accelerates AbbVie's clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology – an attractive and rapidly growing market, now approaching $24 billion globally.  The acquisition adds to AbbVie's already comprehensive pipeline and strong growth prospects.

Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity.  The transaction values Pharmacyclics at approximately $21 billion and was approved by the Boards of Directors of both companies. 

Imbruvica® is a Bruton's tyrosine kinase (BTK) inhibitor approved for use in four indications to treat three different types of blood cancers including chronic lymphocytic leukemia, mantle cell lymphoma and Waldenstrom's macroglobulinemia.  Imbruvica® received initial U.S. Food and Drug Administration (FDA) approval in 2013 and is the only therapy to have received three Breakthrough Therapy designations by the FDA.  It is currently approved in more than 40 countries.  Significant opportunity exists with further Imbruvica® indications, including solid tumors, the potential to leverage AbbVie's immunology expertise for the development of Pharmacyclics' immunology program, and advance AbbVie's efforts in hematologic malignancies.