Pharmacyclics

Pharmacyclics LLC
Subsidiary of AbbVie
Traded as Formerly NASDAQ: PCYC
Industry Biopharmaceutical
Founded 1991 (1991)
Founders Jonathan Sessler, Richard A. Miller[1]
Headquarters Sunnyvale, California
Area served
 Worldwide
Key people
 Robert Duggan, former CEO and Chairman
Parent AbbVie
Website pharmacyclics.com

Pharmacyclics LLC is an American biopharmaceutical company based in Sunnyvale, California. Its primary focus is upon the development of "novel therapies for the treatment of cancer and immune-mediated diseases."[2]

Acquisition by AbbVie

In March 2015, Chicago-based biopharmaceutical firm AbbVie announced it would acquire oncology firm Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. As part of the deal AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity.[3] The merger is expected to close in mid-2015.[4]

Duggan will receive over $3.55 billion from the sale of Pharmacyclics to AbbVie in "one of the biggest paydays ever from the buyout of a publicly held company."[5][6][7][8][9]

As CEO and Chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company.[10][5]

References

  1. ↑ Lee Clippard (2006). "Professor's personal battle leads to development of new cancer drug". University of Texas. Retrieved May 30, 2015.
  2. ↑ "Pharmacyclics Inc. (PCYC)". Yahoo. Retrieved May 30, 2015.
  3. ↑ Staff (5 March 2015). "AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B". Genetic Engineering & Biotechnology News.
  4. ↑ http://www.sec.gov/Archives/edgar/data/949699/000119312515079014/d885940dex991.htm
  5. 1 2 "The $3.55 billion Man". America's Markets.
  6. ↑ Antoine Gara. "Robert Duggan". Forbes.
  7. ↑ "Pharmacyclics May Soon Be Acquired by Johnson & Johnson for $18 Billion". Science Times.
  8. ↑ "The Hiring Guru: Robert Duggan Billionaire". The Huffington Post.
  9. ↑ Sean Williams (27 February 2013). "This Is One Incredible CEO". fool.com.
  10. ↑ Gary Strauss (March 24, 2015). "The $3.55 billion Man". USA Today. Retrieved May 29, 2015.
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