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Drugmaker AbbVie Inc (NYSE:ABBV) has reached a deal to acquire Allergan (NYSE:AGN) for $63 billion.
Allergan shareholders will receive 0.8660 AbbVie shares and $120.30 in cash for each Allergan share, for a total of $188.24 per Allergan share.
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The acquisition will provide annual pre-tax synergies and other cost reductions of at least $2 billion in year three.
"AbbVie is expected to generate significant annual operating cash flow, which will support a debt reduction target of $15 to $18 billion before the end of 2021, while also enabling a continued commitment to Baa2/BBB or better credit rating and continued dividend growth," the companies said in a press release.
AbbVie shares traded down 8.22% at $72 in Tuesday's pre-market session. Allergan shares traded higher by 29.6% at $167.88.
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Photo courtesy of Allergan.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.