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Drugmaker turns down AbbVie’s $46.5B offer

An unsolicited bid by North Chicago-based AbbVie to buy Irish drugmaker Shire for as much as $46.5 billion was rejected.

Shire said AbbVie’s offer, its third since early May, was too low.

“The Board believes the Proposal fundamentally undervalued Shire and its prospects and that as an independent company Shire’s focused growth strategy will continue to deliver significant shareholder value and patient benefits,” Shire Chairman Susan Kilsby said in a news release.

AbbVie, which makes rheumatoid arthritis drug Humira, confirmed the rejection and said discussions are done.

h/t Bloomberg

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