Key Developments: AbbVie Inc (ABBV.K)

ABBV.K on New York Consolidated

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25 Jul 2014
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Latest Key Developments (Source: Significant Developments)

AbbVie Inc reaffirms FY 2014 EPS outlook; gives Q3 2014 EPS outlook in line with analysts' estimates
Friday, 25 Jul 2014 07:47am EDT 

AbbVie Inc:Confirms its recently-increased diluted earnings-per-share guidance for FY 2014 of $3.06 to $3.16 on an adjusted basis, or $2.69 to $2.79 on a GAAP basis.Expects Q3 2014 diluted earnings-per-share of $0.77 to $0.79 on an adjusted basis, or $0.68 to $0.70 on a GAAP basis.FY 2014 EPS of $3.14 - Thomson Reuters I/B/E/S.Q3 2014 EPS of $0.77 - Thomson Reuters I/B/E/S.  Full Article

AbbVie Inc and Shire Plc reach agreement on terms of recommended combination
Friday, 18 Jul 2014 05:00am EDT 

AbbVie Inc and Shire Plc:Says they have reached agreement on the terms of a recommended combination of Shire with AbbVie.Under the terms of the Merger, Shire shareholders will be entitled to receive: for each Shire Share: 24.44 Pounds in cash and 0.8960 New AbbVie Shares.Immediately following the Transaction, Shire shareholders are expected to hold New AbbVie Shares representing about 25 pct of the issued share capital of New AbbVie, thus offering Shire Shareholders the ability to participate in the future prospects of the Combined Group.AbbVie Stockholders are expected to hold New AbbVie Shares representing about 75 pct of the issued share capital of New AbbVie.AbbVie Board has approved the Transaction and intends to recommend that AbbVie Stockholders vote in favour of the adoption of the US Merger Agreement.In order to undertake the transaction, AbbVie has formed a new company, New AbbVie, which is incorporated in Jersey, Shire's current place of incorporation.Following completion of the transaction, New AbbVie will become the holding company of the Shire Group and the AbbVie Group.  Full Article

Shire Plc updates on AbbVie proposal
Monday, 14 Jul 2014 02:00am EDT 

Shire Plc:Shire requested and has received a further revised proposal from AbbVie on July 13.Revised Proposal comprises 24.44 pounds in cash and 0.8960 shares of new AbbVie per Shire share.Based on the AbbVie share price on 11 July 2014, AbbVie's Revised Proposal has an indicative value of 53.20 pounds per Shire share(1).Under revised proposal, Shire shareholders would own about 25 pct of the combined new AbbVie.Board of Shire has indicated to AbbVie that it would be willing to recommend an offer at the level of the Revised Proposal to Shire shareholders subject to satisfactory resolution of the other terms of offer.Accordingly, Board is in detailed discussions with AbbVie in relation to these terms.Revised Proposal remains subject to the pre-conditions set by AbbVie on July 8 including due diligence and the recommendation of the Board of Shire.There can be no certainty that any firm offer will be made.This statement is being made by Shire with the agreement of AbbVie.  Full Article

AbbVie Inc raises bid for Shire Plc
Tuesday, 8 Jul 2014 07:50am EDT 

AbbVie Inc:Says outline its revised proposal of 22.44 pounds in cash and 0.8568 ordinary shares of New AbbVie for each Shire share.Says fourth proposal represents an indicative value of 51.151 pounds as of July 7.Indicative value of the fourth proposal represents increase of about 11 percent and about a 3 bln pounds increase to indicative offer value of 46.26 Pounds per share.Says increase of 2 pound and about 10 pct in cash per Shire share.Says premium of 75 pct to Shire's closing share price of 29.25 pound on April 17 and about 13 bln pounds of incremental aggregate value for Shire's shareholders.Says premium of 48 pct to Shire's closing share price of 34.67 pounds on May 2 and about 10 bln pounds of incremental aggregate value for Shire's shareholders.Says In addition, this revised indicative proposal increases the ownership that will be held by Shire shareholders to about 24 pct of new holding company of the combined group.  Full Article

AbbVie announces initiation of pivotal phase III study of Veliparib (ABT-888) in patients with advanced breast cancer
Thursday, 26 Jun 2014 08:00am EDT 

AbbVie Inc:Initiates a Phase III clinical trial evaluating the safety and efficacy of its investigational compound, veliparib (ABT-888), when added to carboplatin and paclitaxel, two chemotherapeutic medicines, in patients with advanced breast cancer.  Full Article

AbbVie Inc raises FY 2014 EPS outlook
Monday, 23 Jun 2014 07:45am EDT 

AbbVie Inc:Expects FY 2014 diluted earnings-per-share range of $3.06 to $3.16 on an adjusted basis, or $2.69 to $2.79 on a GAAP basis.FY 2014 outlook continues to exclude any potential revenue from the expected 2014 U.S. launch of its hepatitis C (HCV) therapy which has been granted accelerated review by the U.S. Food and Drug Administration (FDA).FY 2014 EPS of $3.13 - Thomson Reuters I/B/E/S.  Full Article

Shire Plc confirms rejection of AbbVie proposal
Friday, 20 Jun 2014 03:42am EDT 

Shire Plc:Confirms that on May 30 Shire received an unsolicited and highly conditional proposal from AbbVie (the Proposal) regarding possible cash and share offer for Shire.This Proposal has been rejected.Proposal comprised 20.44 pounds in cash and 0.7988 AbbVie shares per Shire share.Proposal involved a new US listed holding company with a UK tax domicile.Based on AbbVie's 30 day volume weighted average share price of US$54.10, proposal represents value of 46.11 pounds per Shire share (comprising 44 pct cash and 56 pct AbbVie shares).Proposal represents premium of 23 pct to Shire's share price of 37.38 pounds on June 19 and premium of 30 pct to Shire's 30 day volume weighted average share price of 35.43 pounds.Proposal follows two earlier proposals, which were also rejected. At AbbVie's request, Shire met with AbbVie to enable AbbVie to explain key aspects of proposal.Following this meeting, the Board of Shire decided unanimously to reject proposal on the basis that it fundamentally undervalued the company and its prospects.  Full Article

AbbVie Inc made an indicative approach to Shire Plc with merger proposal
Friday, 20 Jun 2014 02:00am EDT 

Shire Plc:Says AbbVie Inc. notes the recent press speculation and confirms it made an indicative approach to Shire plc (Shire) with merger proposal which was rejected by the Board of Shire.There can be no certainty that any firm offer will be made.Discussions are no longer ongoing.AbbVie's initial cash and share proposal in early May 2014 represented an indicative offer of 39.50 pounds for each Shire share.1.AbbVie's third and latest cash and share proposal when made represented an indicative offer of 46.26 pounds for each Shire share.2.AbbVie reserves the right to introduce other forms of consideration and/or vary the mix of consideration.AbbVie also reserves the right to make an offer at any time for less than the equivalent of 46.26 pounds for each Shire share with the agreement or recommendation of the Shire Board.If a third party announces a firm intention to make an offer for Shire which, as at the date AbbVie announces a firm intention to make an offer for Shire, is valued at a lower price than the equivalent of £46.26 for each Shire share; or.Following the announcement by Shire of a whitewash transaction pursuant to the takeover code.  Full Article

AbbVie Inc declares quarterly dividend
Thursday, 19 Jun 2014 11:28am EDT 

AbbVie Inc:Declares quarterly cash dividend of $0.42 per share.Cash dividend is payable Aug. 15, 2014 to stockholders of record at the close of business on July 15, 2014.  Full Article

European medicines agency validates marketing authorization applications for AbbVie 's Investigational, all-oral, interferon-free therapy for treatment of Genotype 1 Chronic Hepatitis C
Tuesday, 17 Jun 2014 02:00am EDT 

AbbVie Inc:Marketing Authorization Applications (MAAs) for its investigational, all-oral, interferon-free regimen for treatment of adult patients with chronic genotype 1 (GT1) hepatitis C virus (HCV) infection have been validated and are under accelerated assessment by European Medicines Agency (EMA).Says if approved, AbbVie's regimen could be available for marketing in European Union (EU) in Q1 of 2015.Accelerated assessment, which is designated to new medicines of major public health interest, was granted by EMA for AbbVie's investigational HCV regimen in May.  Full Article

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AbbVie profit beats estimates on surging Humira sales

- AbbVie Inc, which last week announced plans to buy Dublin-based drugmaker Shire Plc for $55 billion, reported stronger-than-expected quarterly earnings on surging sales of its Humira treatment for rheumatoid arthritis.

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