Home / Business and Economy / AbbVie Eyes Revolution Medicines in Cancer Deal
AbbVie Eyes Revolution Medicines in Cancer Deal
8 Jan
Summary
- AbbVie is in final talks to acquire cancer drug company Revolution Medicines.
- Revolution Medicines stock surged nearly 30% on acquisition news.
- AbbVie aims to expand its oncology business as key drugs lose patent protection.
AbbVie is in advanced negotiations to acquire Revolution Medicines, a company specializing in cancer drugs. This potential acquisition has already caused Revolution Medicines' stock to surge by approximately 30%, reflecting strong investor confidence in the deal's prospects. The move is a key part of AbbVie's strategy to expand its oncology division, particularly as revenue from its blockbuster drug Humira declines due to patent expirations.
This strategic acquisition aims to strengthen AbbVie's drug development pipeline and solidify its position in the competitive pharmaceutical landscape. AbbVie, a major healthcare firm spun off from Abbott Laboratories in 2013, has a history of expanding its business through significant acquisitions, including Allergan in 2020, which brought products like Botox into its portfolio.
