Type Subsidiary of AbbVie Industry Biopharmaceutical Website pharmacyclics.com Parent organization AbbVie Inc. | Traded as Formerly NASDAQ: PCYC Area served Worldwide Founded 1991 | |
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Key people Robert Duggan, former CEO and Chairman Headquarters Sunnyvale, California, United States Founders Jonathan Sessler, Richard A. Miller | ||
Research based pharmaceutical company buys pharmacyclics for 21b
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." In 2017, Xynomic Pharmaceuticals acquired all global rights to abexinostat from Pharmacyclics.
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Pharmacyclics inc crushes critical trial
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. The merger is expected to close in mid-2015.
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."
As CEO and Chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company.