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Mergers, Acquisitions and Takeovers

AbbVie closes $21 billion deal for Pharmacyclics

AbbVie closes $21 billion deal for Pharmacyclics

AbbVie said Tuesday that it has completed its $21 billion acquisition of Pharmacyclics, giving the North Chicago-based company a presence in the multibillion-dollar market for treating blood cancers. Pharmacyclics, based in Sunnyvale, Calif., sells a drug called Imbruvica, which has been approved to treat a rare lymphoma and a form of leukemia. The company will be a subsidiary of AbbVie. AbbVie said 87 percent of Pharmacyclics shares were tendered by the Friday deadline of its offer, a mix of cash and stock worth $261.25 per share. AbbVie sold $16.7 billion in bonds earlier this month to help finance its acquisition, according to The Wall Street Journal. The deals helps AbbVie branch...