Pharmacyclics

Last updated
Pharmacyclics LLC
Type Subsidiary
Nasdaq: PCYC
Industry Biopharmaceutical
Founded1991;32 years ago (1991)
Founders Jonathan Sessler, Richard A. Miller [1]
Headquarters Sunnyvale, California
Area served
Worldwide
Key people
Robert Duggan, former CEO and Chairman
RevenueIncrease2.svgUS$235 million(2013) [2]
Increase2.svgUS$110 million(2013) [2]
Increase2.svgUS$86.1 million(2013) [2]
Total assets Increase2.svgUS$1.06 billion(2013) [2]
Total equity Increase2.svgUS$829 million(2013) [2]
Parent AbbVie
Website pharmacyclics.com

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]

Contents

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] [12]

As CEO and chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company. [8]

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  6. Staff (5 March 2015). "AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B". Genetic Engineering & Biotechnology News .
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  10. "Pharmacyclics May Soon Be Acquired by Johnson & Johnson for $18 Billion". Science Times. 3 March 2015.
  11. "The Hiring Guru: Robert Duggan Billionaire". The Huffington Post. 18 April 2014.
  12. Sean Williams (27 February 2013). "This Is One Incredible CEO". fool.com.