Chicago: The specialty drug company AbbVie will spend $63 billion to acquire Allergan, the maker of Botox and other cosmetic treatments. The two pharmaceutical companies have little in common, save for a desire to reinvigorate growth that has sputtered. Shares of AbbVie are down 16 per cent over the past year and shares of Allergan are down 24 per cent. “This is a transformational transaction for both companies and achieves unique and complementary strategic objectives,” said AbbVie CEO and Chairman Richard Gonzalez in a prepared statement Tuesday. Also Read – Maruti cuts production for 8th straight month in Sep”The combination of AbbVie and Allergan increases our ability to continue to deliver on our mission to patients and shareholders.” The maker of the global blockbuster immune disorder treatment Humira will pay $120.30 in cash and a portion of AbbVie stock for each Allergan share. That amounts to $188.24 per share, or a 45 per cent premium to Allergan’s closing price Monday. AbbVie is facing the expiration of patent protection for Humira, which brought in a staggering $20 billion in sales last year. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsIndustry analysts had been anticipating a move by AbbVie to offset the introduction of generics to an extremely valuable pipeline for the company. “We are unsurprised by the timing and the target of the deal given (AbbVie’s) Humira patent cliff,” wrote Citi analyst Andrew Baum. Shares of Allergan Plc, based in Dublin, Ireland, soared 31.2 per cent in premarket trading Tuesday. AbbVie shareholders will own 83 per cent of the specialty drug company combination after the deal’s completion, while Allergan shareholders will have a 17 per cent stake. Gonzalez will remain chairman and CEO at AbbVie. Two members of Allergan’s board, including chairman and CEO Brent Saunders, will join AbbVie’s board once the deal closes.
Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily Front Page newsletter and new audio briefings. The parents of Libby Squire, the missing university student, have described the “unending torture” they have suffered since her disappearance three weeks ago.The 21-year-old vanished without a trace after a night out with friends in Hull, where she was an undergraduate student, on January 31.Police are officially treating the case as a missing person inquiry, but sources have told The Telegraph that detectives believe she was abducted near her university home.Her mother and father, Lisa and Russ Squire, released a poignant statement to mark the grim three-week milestone since her final sighting. It said: “It’s been three weeks now since our beautiful girl was last seen. In that time we haven’t been able to speak to her and we haven’t been able to hug her.“We haven’t been able to tell her we love her, or hear that she loves us.“She went out to have fun with her beloved friends. Since then it has been a time of unending torture for her friends and family but we all have unending hope that she will be found.“We send love and thanks to everybody for their support over these past weeks.” A picture showing a smiling Miss Squire hugging her mother was also made public by the family, as they pleaded for anyone with information to contact Humberside Police.The second-year philosophy and religion had been put in a taxi by her friends after she was turned away from the city’s Welly club for being too drunk. However, she failed to enter her house on Wellesley Avenue when she was dropped off alone – instead walking to sit on a nearby bench until the early minutes of February 1.Police fear CCTV from a nearby alleyway captured the moment she climbed into a car at 12.09am, before being driven away. She has not been seen since.Humberside Police this week released separate CCTV footage of four potential witnesses they wish to speak to who were walking close to the Oak Road playing fields, a few streets from Miss Squire’s house, between 1.13am and 2.34am on February 1. It is feared the 21-year-old was snatched from the streets near her homeCredit:Danny Lawson/PA