AbbVie has completed the acquisition of Pharmacyclics, Inc., expanding its oncology assets in a transaction valued at $21 billion. Pharmacyclics markets Imbruvica (ibrutinib), a BTK-inhibitor used to treat hematological cancers, which represents a $24 billion global market.
 
Imbruvica is approved for use in four indications in the U.S. and received three Breakthrough Therapy designations by the FDA. AbbVie plans to explore its five late-stage assets in combination with Imbruvica to evaluate the potential for improvement beyond the current standard of care. Two programs, venetoclax, a Bcl-2 inhibitor, and duvelisib, a dual PI3 kinase inhibitor, are in development for hematological cancers.
 
Pharmacyclics will be a wholly-owned subsidiary of AbbVie and will operate from its Sunnyvale, CA headquarters. Wulff-Erik von Borcke, former head of AbbVie’s global marketing, will lead Pharmacyclics as president.

“The companies’ shared expertise, combined with AbbVie’s broad late-stage oncology pipeline, has the potential to transform the cancer treatment landscape for hematological malignancies and improve patient outcomes and quality of life,” said Richard A. Gonzalez, chairman and chief executive officer, AbbVie. “Today marks a significant step forward in our effort to become a leader in oncology and meaningfully augment our long-term growth strategy. The Pharmacyclics team has built an important and rapidly growing franchise with significant long-term potential across a range of hematological cancers.”