Global biopharmaceutical company AbbVie has completed its acquisition of Allergan plc following regulatory approval of all government authorities.
The deal was first announced in June 2019 and aims to significantly expand and diversify AbbVie's revenue base, providing new growth opportunities in neuroscience with Botox Therapeutics and global aesthetics business with Botox and Juvéderm.
The portfolio will drive the existing AbbVie growth platform to approximately US $30 billion in revenues in full year 2020, with combined revenues of approximately US $50 billion.
Richard Gonzalez, chairman and chief executive officer of AbbVie stated he is pleased to reach this important milestone for the company, its employees, shareholders and the patients they serve.
He said, “Our new Allergan colleagues should be commended for all their efforts, along with those of our own employees, to achieve this turning point for our company. The new AbbVie will be a well-diversified leader in many important therapeutic categories, with both on-market and pipeline assets, and our financial strength will allow us to continue to invest in innovative science and continue to serve unmet medical needs of patients that rely upon us. I am proud of both organisations and look forward to the opportunities ahead.”
In connection with the closing of the transaction, the AbbVie board of directors has elected Thomas Freyman, retired executive vice president and chief financial officer of Abbott Laboratories to join the AbbVie board. Freyman also recently served on the Allergan board of directors.