AbbVie

As of August 2017, the company's market capitalization is about $104 billion.

Financial performance

2021: 2nd in the world in terms of prescription drug sales: $55 billion

Data for 2021

History

2023: AbbVie buys ImmunoGen for $10.1 billion

On November 30, 2023, the American biopharmacological company AbbVie announced the conclusion of an agreement on the purchase of cancer drug developer ImmunoGen. The amount of the transaction, which is planned to be carried out at the expense of funds, is approximately $10.1 billion. Read more here.

2022

Payment of $6.6 billion for the uncontrolled sale of narcotic drugs

On November 22, 2022, Teva and AbbVie finally agreed on the terms of agreements worth more than $6.6 billion to settle thousands of lawsuits from US state and local authorities over the marketing of opioid painkillers.

According to the deals, which were first announced in July 2022, the Israeli company Teva will pay up to $4.25 billion, including the supply of the overdose drug naloxone. AbbVie will pay up to $2.37 billion. The final amounts of the agreements will depend on how many states and local authorities take part in them, the companies and lawyers for government departments said.

Teva and AbbVie will pay $6.6 billion for the uncontrolled sale of narcotic drugs

Leading state and local authorities advocates in a joint statement called the deals "significant steps forward in our ongoing efforts to hold those responsible for the opioid epidemic accountable and to obtain the necessary resources to combat its catastrophic consequences."

Teva and AbbVie have not admitted wrong. Both companies said that as part of the settlement, the company resolved a dispute among itself over liability for claims stemming from the generic opioid business that Allergan sold to Teva in 2016.

The opioid lawsuit, which began in 2017, brought in more than $40 billion in compensation to drugmakers, distributors and pharmacy chains. State and local authorities have accused leading players in the pharmacology industry of helping spread opioid painkillers across the United States.

Companies promoted opioid use where it was not medically necessary, according to authorities. State and local authorities have announced that they will use the money to combat the opioid crisis, which, according to the US federal government, has caused almost 650,000 overdose deaths since 1999 and continues to worsen.

According to the US Centers for Disease Control and Prevention, during the COVID-19 pandemic, the number of opioid overdoses, including prescription pills and heroin, increased sharply: in 2020 it will increase by 38% compared to the previous year, and in 2021 by another 15%.^[1]

Purchase of DJS Antibodies for $255 million

On October 20, 2022, the American biopharmacology company AbbVie announced the conclusion of an agreement to acquire DJS Antibodies (DJS), based in the UK. The transaction amount amounted to $255 million. Read more here.

Purchase of iSTAR Medical business for $60 million

On July 20, 2022, AbbVie announced that it would pay $60 million for the purchase of the Belgian company iSTAR Medical, which is developing a minimally invasive device for glaucoma surgery. Read more here.

Purchase of cognitive disorders manufacturer Syndesi Therapeutics for $1 billion

On March 1, 2022, the American pharmaceutical giant AbbVie completed the acquisition of the Belgian biotechnological Syndesi Therapeutics. The deal will expand AbbVie's neurological research portfolio with Syndesi's leading drug to treat symptoms associated with Alzheimer's disease. Read more here.

2019: $63 billion purchase of Botox maker Allergan

On June 25, 2019, AbbVie announced the acquisition of Allergan for $63 billion. In terms of one share of the company being absorbed, the transaction value amounted to $188, which is 45% more than the rate of quotations by the close of the exchange on June 24. AbbVie will pay with cash and its own shares. Read more here.

2018: $25 million fine for bribing doctors

At the end of October 2018, Abbott Laboratories and AbbVie agreed to pay a $25 million fine to settle charges of bribing doctors. Read more here.

2013: Isolation of AbbVie from Abbott Laboratories

The company was established in 2013 when health sector giant Abbott Laboratories split into two. Abbott Laboratories is left with the business of manufacturing medical devices, diagnostic equipment, baby food and specialized nutrition for hospital patients, while AbbVie has taken up research and development in pharmaceuticals and biotechnology.

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