Pharmacyclics
Subsidiary of AbbVie | |
Traded as | Formerly NASDAQ: PCYC |
Industry | Biopharmaceutical |
Founded | 1991 |
Founders | Jonathan Sessler, Richard A. Miller[1] |
Headquarters | Sunnyvale, California |
Area served | Worldwide |
Key people | Robert Duggan, former CEO and Chairman |
Parent | AbbVie |
Website |
pharmacyclics |
Pharmacyclics LLC is an American biopharmaceutical company based in Sunnyvale, California. Its primary focus is upon the development of "novel therapies for the treatment of cancer and immune-mediated diseases."[2]
Acquisition by AbbVie
In March 2015, Chicago-based biopharmaceutical firm AbbVie announced it would acquire oncology firm Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. As part of the deal AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity.[3] The merger is expected to close in mid-2015.[4]
Duggan will receive over $3.55 billion from the sale of Pharmacyclics to AbbVie in "one of the biggest paydays ever from the buyout of a publicly held company."[5][6][7][8][9]
As CEO and Chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company.[10][5]
References
- ↑ Lee Clippard (2006). "Professor's personal battle leads to development of new cancer drug". University of Texas. Retrieved May 30, 2015.
- ↑ "Pharmacyclics Inc. (PCYC)". Yahoo. Retrieved May 30, 2015.
- ↑ Staff (5 March 2015). "AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B". Genetic Engineering & Biotechnology News.
- ↑ http://www.sec.gov/Archives/edgar/data/949699/000119312515079014/d885940dex991.htm
- 1 2 "The $3.55 billion Man". America's Markets.
- ↑ Antoine Gara. "Robert Duggan". Forbes.
- ↑ "Pharmacyclics May Soon Be Acquired by Johnson & Johnson for $18 Billion". Science Times.
- ↑ "The Hiring Guru: Robert Duggan Billionaire". The Huffington Post.
- ↑ Sean Williams (27 February 2013). "This Is One Incredible CEO". fool.com.
- ↑ Gary Strauss (March 24, 2015). "The $3.55 billion Man". USA Today. Retrieved May 29, 2015.