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(Alliance News) - Chicago-based biopharmaceutical company AbbVie Inc said Tuesday it has been given final European approval to divest brazikumab to FTSE 100-listed drug maker AstraZeneca PLC.
At present, brazikumab is being developed as a treatment for Crohn's disease and ulcerative colitis, autoimmune diseases which cause the gut to become inflamed. Both conditions can result in diarrhoea, fatigue, weight loss, and pain. At present, neither Crohn's nor ulcerative colitis are curable.
Financial terms for the brazikumab sale to Astra have not been disclosed, but the deal "clears the pathway" for an acquisition.
The sale of brazikumab was required by the European Commission to approve AbbVie's purchase of Dublin-based pharmaceutical firm Allergan PLC, which the companies agreed in June 2019. AbbVie will pay Allergan shareholders in both cash and shares, valuing the Irish firm at USD63 billion.
The US Federal Trade Commission is still reviewing the Allergan buy. While there is no specific timeline, all companies entered an agreement with FTC staff which is likely to "result in a decision by the FTC early in the second quarter of 2020".
Of the Allergan acquisition, AbbVie said: "The companies continue to fully cooperate with the FTC during its review and intend to close the transaction at the earliest possible date."
AbbVie further noted that its purchase of Allergan is also dependent on approval from the Irish High Court.
Shares in AbbVie closed flat at USD88.69 in New York on Monday and were up 0.4% at USD89.00 in pre-market trading on Tuesday. AstraZeneca's shares were up 3.3% at 7,241.00 pence on Tuesday afternoon in London.
By Anna Farley; annafarley@alliancenews.com
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