October 20, 2014 / 10:19 PM / in 3 years

BUZZ-Shire, AbbVie, Allergan, Valeant: Drugmakers get dumped, find new suitors

** Shire Plc’s shares down 1 pct at $182.76 after market following a 3 pct rise in regular trade; AbbVie Inc’s shares up 1.6 pct at $55.26, adding to the 2 pct gain in regular trade

** AbbVie reaches agreement with Shire to officially call off its proposed $55 billion purchase of the Irish company

** Agrees to pay Shire a $1.64 billion breakup fee

** AbbVie blames unraveling on U.S. Treasury Department’s move to curtail so-called “tax inversion” deals

** AbbVie also sets new $5 billion stock buyback program and hikes quarterly dividend to $0.49 per share from $0.42 per share

** Shire could get new suitor as Allergan Inc shareholder Paulson & Co is urging the Botox maker to merge with Shire, Reuters reports

** The hedge fund, which earlier supported a deal with hostile bidder Valeant Pharmaceuticals, told Allergan that it would now support a deal with Shire, sources told Reuters

** Valeant says earlier on Monday that it may raise its bid for Allergan and will not walk away from its pursuit ahead of Allergan’s Dec. 18 special shareholder meeting

** Allergan shares down marginally at $179 after market following 1 pct rise in regular trade; Valeant’s U.S.-listed shares down 0.8 pct at $123.76 after closing up 3.8 pct (Reuters Messaging: penumudi.amrutha.thomsonreuters.com@reuters.net)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below