AbbVie’s takeover clears hurdle after Allergan offloads assets

AbbVie’s takeover clears hurdle after Allergan offloads assets
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Allergan is divesting brazikumab and zenpep in conjunction with the ongoing regulatory approval process of AbbVie’s $63 billion acquisition.

Brazikumab, an investigational IL-23 inhibitor in Phase 2b/3 development for Crohn’s Disease and in Phase 2 development for ulcerative colitis, will be acquired by AstraZeneca.

Nestlé will acquire and take full operational ownership of Zenpep, a treatment for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions.

Nestlé also will be acquiring Viokace, another pancreatic enzyme preparation, as part of the same transaction.

“Today, we move another step closer to completing AbbVie’s acquisition of Allergan,” said Brent Saunders, Chairman CEO of Allergan.

Richard A. Gonzalez, Chairman and CEO of AbbVie, added: “These definitive agreements represent significant progress toward the completion of our acquisition of Allergan.

“The new combined organization will be well positioned to deliver on our mission to patients with a broad portfolio of innovative therapies.”

The closings of the divestitures of brazikumab and Zenpep are contingent upon receipt of US Federal Trade Commission and European Commission approval, closing of AbbVie’s pending acquisition of Allergan and the satisfaction of other customary closing conditions.

On January 10, 2020, AbbVie and Allergan received conditional approval of the transaction by the European Commission, subject to the approved divestiture of brazikumab and other conditions.

AbbVie and Allergan continue to expect a first-quarter 2020 close of their pending transaction, subject to receipt of required regulatory approvals and other closing conditions.