Pharmacyclics

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Pharmacyclics LLC
Company type Subsidiary
Nasdaq: PCYC
Industry Biopharmaceutical
Founded1991;34 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. Imbruvica, the company’s flagship therapy, later became one of the most prescribed treatments for chronic lymphocytic leukemia (CLL). As part of the deal, AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity. [6] The merger closed 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]

References

  1. ↑ Lee Clippard (2006). "Professor's personal battle leads to development of new cancer drug". University of Texas. Retrieved May 30, 2015.
  2. 1 2 3 4 5 "Shangri-La Hotels and Resorts Annual report 2019-20" (PDF). Shangri-La Hotels and Resorts. Shangri-La Hotels and Resorts Asia.
  3. ↑ Sawyer, Anthony (25 January 2018). "Pharmacyclics (PCYC) Given Daily Media Impact Score of 0.42". Week Herald. Retrieved 29 January 2018.
  4. ↑ "Pharmacyclics Inc. (PCYC)". Yahoo. Retrieved May 30, 2015.
  5. ↑ "Xynomic Acquires Global Rights to Anticancer Drug Abexinostat". Genetic Engineering & Biotechnology News . February 24, 2017. Retrieved February 25, 2017.
  6. ↑ Staff (5 March 2015). "AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B". Genetic Engineering & Biotechnology News .
  7. ↑ "Ex-99.1".
  8. 1 2 Gary Strauss (March 24, 2015). "The $3.55 billion Man". USA Today. Archived from the original on 2015-07-24.
  9. ↑ Antoine Gara. "Robert Duggan". Forbes.
  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.


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