AbbVie
Products | Pharmaceutical drugs |
---|---|
Revenue | US$54.32 billion (2023) |
US$12.76 billion (2023) | |
US$4.873 billion (2023) | |
Total assets | US$134.7 billion (2023) |
Total equity | US$10.36 billion (2023) |
Number of employees | c. 50,000 (2024) |
Website | abbvie |
Footnotes / references [1] |
AbbVie Inc. is an American
It developed
In 2023, Humira began facing competition from a
The name "AbbVie" is derived from a combination of "Abbott", the name of its former parent company, with "vie", intended as a reference to a Latin root meaning 'life'.[5]
History
On October 19, 2011, Abbott Laboratories announced its plan to separate into two publicly traded companies, spinning off its research-based pharmaceutical manufacturer division.[6] This spin-off company, named AbbVie, was formed on April 10, 2012.[7] The separation was fully effective January 1, 2013, and AbbVie was officially listed on the New York Stock Exchange (ABBV) on January 2, 2013.[8][9]
In March 2020, during the
Acquisitions
In January 2014, the company acquired ImmuVen.
In October 2014, AbbVie ended its efforts to acquire Shire, which would have been one of the largest M&A deals of that year and one of the largest tax inversions in history, due to changes in the US tax code by the US Treasury; AbbVie had to pay a $1.6 billion breakup fee.[13]
On March 4, 2015, AbbVie announced its agreement to acquire oncology firm Pharmacyclics and its treatment for blood cancers, ibrutinib; AstraZeneca had also been bidding to acquire Pharmacyclics.[14][15] Under the terms of the transaction, AbbVie agreed to pay $261.25 per share as a mix of cash and AbbVie equity. The acquisition valued at approximately $21 billion was completed on May 26, 2015.[16] The Pharmacyclics name was retained, and it operated as a subsidiary of AbbVie from its previous Sunnyvale, California headquarters until the consolidation of AbbVie Bay Area sites in a new building in South San Francisco.[17] On June 3, 2015, AbbVie and Halozyme Therapeutics announced that they had entered into a global collaboration and licensing agreement to develop and commercialize products that combine AbbVie's treatments and Halozyme's ENHANZE drug-delivery technology, this was terminated in November 2016.[18]
On 28 April 2016, the company announced it would acquire Stemcentrx for up to $9.8 billion.[19] A day later, the company announced an expansion of a two and a half-year-old cystic fibrosis deal with Galapagos NV, potentially doubling milestone payments to $600 million.[20][21]
On 25 June 2019, AbbVie announced it would acquire Irish-based
In July 2019, the company announced it would acquire Mavupharma, boosting its cancer drug pipeline.[26][27]
In May 2021, Allergan Aesthetics announced the acquisition of Soliton.[28] In June, Abbvie acquired TeneoOne and its lead compound TNB-383B. The compound is a BCMA-targeting immunotherapeutic for relapsed or refractory multiple myeloma.[29]
In March 2022, AbbVie acquired Syndesi Therapeutics for up to $1 billion and its portfolio of novel modulators of the
In November 2023, AbbVie announced it would be buying
In December 2023, AbbVie announced that it will acquire neuroscience drugmaker Cerevel Therapeutics for $8.7 billion, in an attempt to expand its drug pipeline. the company expects to complete the acquisition in the middle of 2024. [34]
On June 1, 2024, AbbVie's current President and
In February 2024, AbbVie Inc. and Tentarix Biotherapeutics announced the beginning of a long-term collaboration in the discovery and development of opportunistic, multi-specific biological candidates in oncology and immunology. AbbVie provides expertise in these areas, and will also provide Tentarix with option advances worth $64 million for two programs, and Tentarix will provide its patented Tentarix Tentacles™platform. AbbVie will receive an exclusive option to purchase the software in full, but the amount of the additional payment is not disclosed.[36] In March of the same year the copany announced it would acquire Landos Biopharma for over $200 million.[37]
Acquisition history
- Abbvie (Spin off from Abbott Laboratories)
- Pharmacyclics (Acq 2015)
- Stemcentrx (Acq 2016)
- Venice Subsidiary LLC[38]
- Allergan, plc(Acq 2019)
- Allergan, inc
- MAP Pharmaceuticals Inc (Acq 2013)
- Kythera Biopharmaceuticals (Acq 2015)
- Actavis plc
- Eden Biodesign
- Watson Pharmaceuticals
- Warner Chilcott Plc (Acq 2000)
- Andrx Corporation (Acq 2006)
- Procter & Gamble (Prescription drug div, Acq 2009)
- Arrow Group (Acq 2009)
- Specifar Pharmaceuticals S.A. (Acq 2011)
- Ascent Pharmahealth Ltd (Acq 2012)
- Actavis Group (Acq 2012)
- Galen (Acq 2013)
- Uteron Pharma, S.A. (Acq 2013)
- Durata Therapeutics (Acq 2014)
- Silom Medical Company (Acq 2014)
- Forest Laboratories (Acq 2014)
- Aptalis Pharma
- Axcan Pharma
- Eurand Pharmaceuticals
- Furiex Pharmaceuticals Inc (Acq 2014)
- Aptalis Pharma
- Auden Mckenzie Holdings Limited (Acq 2015)
- Oculeve, Inc (Acq 2015)
- Naurex Inc (Acq 2015)
- AqueSys (Acq 2015)
- Northwood Medical Innovation Ltd (Acq 2015)
- Topokine Therapeutics (Acq 2016)
- Vitae Pharmaceuticals, Inc (Acq 2016)
- Tobira Therapeutics (Acq 2016)
- ForSight VISION5 (Acq 2016)
- RetroSense Therapeutics (Acq 2016)
- Akarna Therapeutics (Acq 2016)
- Motus Therapeutics (Acq 2016)
- Chase Pharmaceuticals (Acq 2016)
- LifeCell (Acq 2016)
- Zeltiq Aesthetics Inc. (Acq 2017)
- Keller Medical, Inc (Acq 2017)
- Repros Therapeutics (Acq 2017)
- Envy Medical, Inc. (Acq 2019)
- Mavupharma (Acq 2019)
- Soliton (Acq 2021)
- TeneoOne (Acq 2021)
- Syndesi Therapeutics (Acq 2022)
- DJS Antibodies (Acq 2022)
- Landos Biopharma (Acq 2024)
Collaboration
On February 10, 2016, AbbVie and
In March 2020, AbbVie announced plans to evaluate the Kaletra/Aluvia HIV medicine as possible COVID-19 treatment. The company entered into various partnerships with health authorities in different countries to investigate the efficacy of the medication.[43] However, the first non-blinded, randomized trial found the drug not useful to treat severe COVID-19.[44]
Controversies
Drug pricing
First released in 2003, AbbVie has since raised the price of Humira by more than 470%, culminating in an annual supply costing about $77,000. It has increased the price of Imbruvica, a drug used to treat mantle cell lymphoma and other cancers, by 82% since it launched in 2013. In 2022, it was priced at $181,529. For patients taking four pills each day, the cost was $242,039.[45]
According to the Wall Street Journal, as of January 2016
Anti-competitive practices
AbbVie has been accused of using anti-competitive patent thickets to prevent potentially cheaper biosimilars from entering the market. It is currently caught up in a legislative battle against Icelandic Alvotech, which is trying to bring a Humira biosimilar to market.[47][48] Forest Laboratories, a subsidiary of AbbVie, has been accused of using unlawful deals to prevent generic versions of its Alzheimer's disease drug, Namenda, from entering the market.[49][50]
In 2018, AbbVie agreed to pay $25 million to resolve allegations that it made use of kickback schemes to promote its cholesterol drug Tricor.[51] In 2020, AbbVie agreed to pay $24M to resolve allegations that it made use of kickback schemes to promote its rheumatoid arthritis drug Humira using "nurse ambassadors".[52][53]
Tax avoidance
In June 2021, the
Marketing of opioid painkillers
In July 2022 the company agreed to pay up to $2.37 billion to settle U.S. lawsuits against its Allergan unit over the marketing of opioid painkillers. As part of the settlement, AbbVie, denied any wrongdoing. The company's stock fell 6 percent following an earnings report that included a $2.2 billion charge related to the opioid deal.[56]
Litigation by the company against the NHS
In 2018, it started litigation against
Carbon footprint
AbbVie reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 508 Kt (−57 /-10.1% y-o-y).[59] and plans to reduce emissions 25% by 2025 from a 2015 base year.[60]
Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 |
---|---|---|---|---|---|---|
679[61] | 654[62] | 610[63] | 583[64] | 585[65] | 565[66] | 508[59] |
References
- ^ a b c "AbbVie Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 20 February 2024.
- ^ "The Global 2000 2023". Forbes. Archived from the original on 2024-01-29. Retrieved 2024-02-07.
- ^ Carroll, John (October 25, 2019). "AbbVie doubles down on cystic fibrosis R&D, adding a new drug to the pipeline as Vertex seals its domination of the field with Trikafta OK". EndpointNews.
- ^ Hopkins, Jared S. (February 6, 2023). "AbbVie Aims for New Drugs to Boost Sales as Competitors Target Humira". The Wall Street Journal.
- ^ "Abbott Selects AbbVie as New Name for Future Research-Based Pharmaceutical Company". Abbott MediaRoom (Press release). March 21, 2012.
- ^ "Abbott Labs to Split Into 2 Companies". The New York Times. October 19, 2011.
- ^ "Department of State: Division of Corporations". Delaware.
- ^ "Abbott Completes Separation of Research-Based Pharmaceuticals Business" (Press release). PR Newswire. January 2, 2013. Archived from the original on January 14, 2013.
- ^ "More than splitting pills: Health care giant Abbott Laboratories ready to spin off AbbVie". Chicago Tribune. December 30, 2012.
- ^ Bonadio, Enrico; Baldini, Andrea (April 1, 2020). "Drug companies should drop their patents and collaborate to fight coronavirus". The Conversation.
- ^ "IMMUVEN". University of Illinois Urbana-Champaign.
- ^ "Google-Backed Calico Joins AbbVie in Up to $1.5B Collaboration". Genetic Engineering & Biotechnology News. September 3, 2014.
- ^ Gelles, David (October 20, 2014). "After Tax Inversion Rules Change, AbbVie and Shire Agree to Terminate Their Deal". The New York Times.
- ^ Nisen, Max (December 17, 2015). "AstraZeneca Chases AbbVie, Cheaply". Chicago Business. Crain Communications.
- Genetic Engineering & Biotechnology News(Paper). 35 (5): 10.
- ^ Rockoff, Jonathan D.; Loftus, Peter (5 March 2015). "AbbVie to Buy Pharmacyclics in $21 Billion Deal". The Wall Street Journal.
- ^ "AbbVie (ABBV) Announces Completion of Pharmacyclics Acquisition". StreetInsider.com. May 26, 2015. Retrieved June 5, 2015.
- ^ "Abbvie Terminates Development Deal with Halozyme – GEN". GEN. 21 November 2016.
- ^ "AbbVie to Acquire Stemcentrx for Up to $9.8B". GEN. 28 April 2016.
- ^ "Galapagos, AbbVie Expand CF Collaboration to Up-to-$600M". GEN. 29 April 2016.
- ^ "Abbvie to buy Stemcentrx in 5.8 bln deal". Reuters. April 28, 2016.
- ^ Julia Kollewe (25 June 2019). "Botox maker Allergan bought by US drug giant for $63bn". The Guardian. Retrieved 25 June 2019.
- ^ Rebecca Spalding; Riley Griffin (25 June 2019). "AbbVie Strikes $63 Billion Deal for Botox Maker Allergan". Bloomberg News. Retrieved 25 June 2019.
The deal will return Allergan to the U.S., at least for tax purposes.
- ^ "FTC Approves Final Order Imposing Conditions on AbbVie Inc.'s Acquisition of Allergan plc". Federal Trade Commission. 2020-09-04. Retrieved 2020-09-05.
- ^ Blankenship, Kyle (5 May 2020). "AbbVie, Allergan score FTC approval for $63B merger with one final hurdle left to go". Fierce Pharma.
- ^ "AbbVie Dives into STING and Boehringer Ingelheim Snaps Up Swiss-based AMAL". BioSpace. July 15, 2019.
- ^ "AbbVie Enhances Early Stage Oncology Pipeline with Acquisition of Mavupharma". BioSpace. July 15, 2019.
- ^ "Allergan Aesthetics to Acquire Soliton, Expanding Body Contouring Portfolio".
- ^ "With Myeloma Drug Proving Merit in Phase I, AbbVie Scoops up TeneoOne".
- ^ "AbbVie Bolsters Neuro Platform with $1B Syndesi Buy".
- ^ "AbbVie Acquires Syndesi Therapeutics, Strengthening Neuroscience Portfolio".
- ^ "AbbVie Acquires DJS Antibodies, Further Strengthening Immunology Pipeline" (Press release). PR Newswire. October 20, 2022.
- ^ "Pharmaceutical company AbbVie buying ImmunoGen in $10.1 billion deal". AP News. 2023-11-30. Retrieved 2023-11-30.
- ^ Constantino, Annika Kim (2023-12-06). "AbbVie to acquire neuroscience drugmaker Cerevel Therapeutics for $8.7 billion". CNBC. Retrieved 2023-12-09.
- ^ "AbbVie announces its new CEO". EPR. Archived from the original on 2024-02-26. Retrieved 2024-02-27.
- ^ "Abbvie and Tentarix Announce Collaboration to Develop Conditionally-Active, Multi-Specific Biologics for Oncology and Immunology". MarketScreener. Archived from the original on 2024-02-28. Retrieved 2024-02-27.
- ^ https://www.biospace.com/article/biospace-mergers-and-acquisitions-tracker/?s=79
- ^ "AbbVie Announces Commencement of Exchange Offers and Consent Solicitations for Allergan Notes". BioSpace.
- ^ "AbbVie, Maker of World's No. 1 Drug, Bets Synthetic Biology Startup Can Raise the Bar". Forbes. February 10, 2016. Retrieved February 10, 2016.
- ^ "AbbVie, University of Chicago Launch Cancer Research Alliance". GEN. 20 April 2016.
- ^ "AbbVie to Co-Develop argenx's Cancer Immunotherapy ARGX-115 – GEN News Highlights – GEN". GEN.
- ^ "AbbVie to Co-Commercialize CytomX's Probody Drug Conjugates". GEN.
- ^ "Covid-19 treatment tested through HIV medicine by AbbVie". 11 March 2020. Retrieved 2020-03-11.
- PMID 32187464.
This randomized trial found that lopinavir–ritonavir treatment added to standard supportive care was not associated with clinical improvement or mortality in seriously ill patients with Covid-19 different from that associated with standard care alone.
- ^ "Pharmaceutical company AbbVie inflated prices for two major drugs, House Oversight report says". NBC News. Retrieved 2022-02-06.
- ^ a b Walker, Joseph (1 January 2016). "Patients Struggle With High Drug Prices". Wall Street Journal. Retrieved 1 January 2016.
- ^ "Alvotech Files Suit to Invalidate Humira Patents". The Center For Biosimilars. Retrieved 2022-02-06.
- ^ "Alvotech Beats Back AbbVie's Trade Secrets Lawsuit". www.businesswire.com. 2021-10-07. Retrieved 2022-02-06.
- ^ "AbbVie subsidiary Forest faces more antitrust litigation over Alzheimer's drug as judge rejects its bid to toss case". FiercePharma. 14 June 2021. Retrieved 2022-02-06.
- ^ Pierson, Brendan (2021-06-11). "AbbVie must face health plans' lawsuit over Alzheimer's drug". Reuters. Retrieved 2022-02-06.
- ^ "Abbott Laboratories and AbbVie Inc. to Pay $25 Million to Resolve False Claims Act Allegations of Kickbacks and Off-Label Marketing of the Drug TriCor®". www.justice.gov. 2018-10-26. Retrieved 2022-02-06.
- ^ "AbbVie accused of 'far-reaching' kickback scheme for Humira". BioPharma Dive. Retrieved 2022-02-06.
- ^ "In kickbacks case, California insurance chief says AbbVie used nurse 'ambassadors' to protect Humira sales". FiercePharma. 18 September 2018. Retrieved 2022-02-06.
- ^ Kovaleski, Dave (2021-06-04). "Senate Finance Committee launches investigation into Abbvie tax practices". Financial Regulation News. Washington DC: Macallan Communications.
- ^ Owusu, Tony (2 June 2021). "AbbVie Faces U.S. Senate Pressure Over Tax Payments". TheStreet. New York NY.
- ^ Mishra, Manas; Pierson, Brendan (2022-07-29). "AbbVie to pay up to $2.37 billion to settle U.S. opioid claims". Reuters. Retrieved 2022-08-01.
- ^ "NHS England taken to court over 'largest ever medicines procurement'". Health Service Journal. 6 November 2018. Retrieved 8 December 2018.
- 'S2CID 72332746.
- ^ a b "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on September 17, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on July 11, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2018Q4" (PDF). Archived from the original (PDF) on October 1, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2019Q4" (PDF). Archived from the original (PDF) on September 25, 2020. Alt URL
- ^ "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on September 17, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on September 17, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on September 17, 2021. Alt URL
- ^ "AbbVie's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on September 17, 2021. Alt URL
External links
- Official website
- Business data for AbbVie Inc.: