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AMGN - AbbVie's Buy Of Allergan Is A Defensive Play A Necessary One To Maintain Progress
Amgen Inc.
AbbVie (ABBV) had entered into a deal to acquireAllergan (AGN) for $63 billion, which would be $188 a share in cash and stock. This was a huge premium of 45% over the closing price of $129.57 on Monday, June 25, 2019. AbbVie's stock tanked on this news, closing lower by 16%. In my view, I believe that this acquisition was more of a defensive action. You could say that one part of it is the impending Humira patents expiring in 2023. However, besides that, I view it as a way