As the world’s pharmaceutical industry continues its recent spree of mergers and acquisitions, the consolidation seems to continue with AbbVie’s latest attempt to acquire one of its competitors.
The US pharmaceutical firm just raised its offer to purchase UK-based rival Shire to about $51 billion after an earlier offer was rejected. Reports say the initial bid amounted to about $46 billion.
AbbVie is reportedly looking to purchase the UK firm to reduce its tax burden and shift its finances overseas. AbbVie is also seeking out its next business ventures as its top-selling product, Humira, is set to lose its patent protection in 2016. Humira accounts for nearly 60 percent of the company’s revenue, reports say, and is the world’s top selling drug.
Full content: CNBC
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