European countries are known for wresting price cuts from drugmakers. Usually, it's a straightforward cost-effectiveness argument. But France has come up with a new strategy: Arm-twisting taxes.
Just days after rumors emerged that AbbVie was looking for additional financing to cover its planned $55 billion takeover of Ireland's Shire, the company is going to great lengths to reassure employees that the deal is a go.
U.S. Treasury Secretary Jack Lew hasn't scared Big Pharma away from tax inversion deals altogether. But his new rules limiting the benefits of pharma's latest M&A strategy are having some tangible effects already.
AbbVie may be under fire from the Federal Trade Commission for delaying AndroGel generics, but it won't have to face racketeering claims over its generics-fighting sales tactics.
An FDA advisory panel wants to limit the use of testosterone drugs for safety reasons--and the proposed restrictions would shrink sales significantly. That's not good news for AbbVie, the market leader, and other drugmakers that have been riding a surge of testosterone growth.
As if the merger-happy pharmaceutical industry didn't have enough to worry about, what with the federal government threatening to crack down on companies that flee overseas to lower their taxes, now there's another set of stakeholders protesting these so-called tax inversions: pension funds.
Partners Biogen Idec and AbbVie are touting late-stage results for their new, monthly multiple sclerosis treatment, preparing to hand in regulatory applications next year and contend in a crowded market.
Even as the FDA is questioning the widespread use of testosterone-boosting drugs for men, the Federal Trade Commission has sued AbbVie and Teva Pharmaceutical Industries for keeping a generic of one out of their reach for years. It is one of the first actions brought by the FTC since the Supreme Court last year said that so-called pay-for-delay deals are not inherently illegal.
While the outside world still has little idea what Google's biotech Calico is planning, AbbVie has seen enough to convince it to commit at least $250 million to the startup.
Hot on the heels of its $805 million development deal with Infinity, AbbVie Pharmaceuticals has followed up today with a plan to partner with Google's closely watched biotech upstart Calico on a new research operation that will cost up to $1.5 billion to get started.