Pharmacyclics Explained

Pharmacyclics LLC
Type:	Subsidiary
Traded As:	NASDAQ:
Industry:	Biopharmaceutical
Founders:	Jonathan Sessler, Richard A. Miller^[1]
Location:	Sunnyvale, California
Area Served:	Worldwide
Key People:	Robert Duggan, former CEO and Chairman
Revenue:	^[2]
Parent:	AbbVie

Pharmacyclics LLC is an American biopharmaceutical company based in Sunnyvale, California. It is primarily focused on the development of cancer therapies.^{[3] [4]} In 2017, Xynomic Pharmaceuticals acquired all global rights to Abexinostat, Pharmacyclics' primary commercial product.^[5]

Acquisition by AbbVie

In March 2015, Chicago-based biopharmaceutical firm AbbVie announced it would acquire Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. As part of the deal, AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity.^[6] The merger is expected to close in mid-2015.^[7]

Duggan will receive over $3.55 billion from the sale of Pharmacyclics to AbbVie in "one of the biggest paydays ever from the buyout of a publicly held company."^{[8] [9] [10] [11]}

As CEO and chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company.^[12]

Notes and References

1. Web site: Professor's personal battle leads to development of new cancer drug. Lee Clippard. University of Texas. 2006. May 30, 2015.
2. Web site: Shangri-La Hotels and Resorts Annual report 2019-20 . Shangri-La Hotels and Resorts . Shangri-La Hotels and Resorts Asia .
3. Web site: Pharmacyclics (PCYC) Given Daily Media Impact Score of 0.42. Anthony. Sawyer. 25 January 2018. 29 January 2018. Week Herald.
4. Web site: Pharmacyclics Inc. (PCYC). Yahoo. May 30, 2015.
5. News: Xynomic Acquires Global Rights to Anticancer Drug Abexinostat. . February 24, 2017. February 25, 2017. . Genetic Engineering & Biotechnology News.
6. News: Staff . 5 March 2015 . AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B . .
7. Web site: Ex-99.1.
8. Web site: Robert Duggan. Antoine Gara. Forbes.
9. Web site: Pharmacyclics May Soon Be Acquired by Johnson & Johnson for $18 Billion. Science Times. 3 March 2015.
10. Web site: The Hiring Guru: Robert Duggan Billionaire. The Huffington Post. 18 April 2014.
11. Web site: This Is One Incredible CEO. Sean Williams. 27 February 2013. fool.com.
12. Web site: The $3.55 billion Man. Gary Strauss. March 24, 2015. USA Today. dead. https://web.archive.org/web/20150724032141/http://americasmarkets.usatoday.com/2015/03/24/the-3-55-billion-man/. 2015-07-24.