[Beacon Staff]

AbbVie to acquire Pharmacyclics

by Beacon Staff on Thu Mar 05, 2015 4:29 pm

Here is a further sign that developing and marketing myeloma therapies – and therapies for other blood cancers – is becoming more and more interesting for pharmaceutical companies.

Yesterday evening, the U.S. pharmaceutical company AbbVie, which is a spinoff of Abbott Laboratories, announced that it will be acquiring Pharmacyclics, which developed and sells the blood cancer drug Imbruvica (ibrutinib).

Imbruvica, some of you may recall, also is being tested as a potential myeloma therapy.

In addition, AbbVie is co-developing elotuzumab with Bristol-Myers Squibb as a potential new myeloma therapy. AbbVie also has a drug of its own, known as ABT-199, which it is in­ves­ti­gating in different blood cancers, including multiple myeloma.

You can read the press release announcing the AbbVie acquisition of Pharmacyclics here:

"AbbVie To Acquire Pharmacyclics, Including Its Blockbuster Product Imbruvica®, Creating An Industry Leading Hematological Oncology Franchise" (Mar 4, 2014)

Some key text:

AbbVie (NYSE:ABBV) and Pharmacyclics (NASDAQ:PCYC) today announced a definitive agreement under which AbbVie will acquire Pharmacyclics, and its flagship asset Imbruvica® (ibrutinib), a highly effective treatment for hematologic malignancies. The acquisition accelerates AbbVie's clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology – an attractive and rapidly growing market, now approaching $24 billion globally. The acquisition adds to AbbVie's already comprehensive pipeline and strong growth prospects ...

Imbruvica® is a Bruton's tyrosine kinase (BTK) inhibitor approved for use in four indications to treat three different types of blood cancers including chronic lym­pho­cytic leukemia, mantle cell lymphoma and Waldenstrom's macro­globu­li­nemia. Imbruvica® received initial U.S. Food and Drug Administration (FDA) approval in 2013 and is the only therapy to have received three Breakthrough Therapy designations by the FDA. It is currently approved in more than 40 countries. Significant opportunity exists with further Imbruvica® indications, including solid tumors, the potential to leverage AbbVie's immunology expertise for the develop­ment of Pharmacyclics' immunology program, and advance AbbVie's efforts in hematologic malignancies.