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Shire pharmaceutical valued at £30bn in new AbbVie bid

8/07/2014 by

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Pharmaceutical company Shire has been valued at £30bn in a raised bid from the US rival which has been trying to take control of the business for weeks.

The chairman of Chicago-based AbbVie urged Shire shareholders to back its fourth offer for the FTSE 100 company, which is best known for its controversial treatment for attention deficit hyperactivity disorder.

Richard Gonzalez, who is also chief executive of AbbVie, said: “This transaction is a combination of two leading companies with leadership positions in specialty pharmaceuticals that would create a global market leader with unique characteristics and a compelling investment thesis.

“AbbVie has made a compelling offer to Shire that creates immediate and long-term value to shareholders of both companies. We think its shareholders should strongly encourage the Shire board to engage in constructive dialogue with AbbVie,” Gonzalez said.

The latest offer values each Shire share at £51.15 – above the current price of £46.30 – and is based on a mixture of cash and AbbVie shares. This compares with the £46.11 a share in the offer made public in June which prompted Shire’s boss Flemming Ørnskov to set out a plan to double sales over the next seven years in an attempt to remain independent.

Ørnskov, who has been running Shire since May 2013, set out a plea to remain independent last month even as he admitted that he could not close the door on bids.

The offer for Shire, which moved its tax base to Dublin in 2008, follows the ill-fated attempt by US pharmaceutical company Pfizer to take control of FTSE 100 company AstraZeneca.

This article has been extracted from http://www.theguardian.com, please click on this link to read the article in full http://www.theguardian.com/business/2014/jul/08/shire-pharmaceutical-30bn-new-abbvie-bid

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