Obama Kills M&A Deals
Chicago-based AbbVie, which makes top-selling arthritis drug Humira, is eager to buy Shire moving its tax base to Britain and to diversifying its drug portfolio.
AbbVie Inc (NYSE:ABBV) will take a hit on market as Obama’s White House attempts to retrospectively legislate in a popularity move for the embattled President.
The U.S. Treasury Department unveiled harsher-than-expected changes late last month to its existing rule book for on corporate “inversions,” which have become a cause of concern in Washington about the threat posed to the U.S. corporate income tax base.
Under British takeover rules, AbbVie has until July 18 to announce a firm offer for Shire, extend the deadline for an offer, or walk away.
Dublin-based Shire sells drugs for rare diseases.
AbbVie also intends to reduce its reliance on Humira, the world’s top selling medicine which loses U.S. patent protection in 2016.
AbbVie’s said its board plans to meet on Oct. 20 to consider whether to withdraw or modify its recommendation on the deal with Shire.
“At this time, AbbVie’s board of directors has not withdrawn or modified its recommendation to AbbVie stockholders,” the company said on Tuesday.
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