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AbbVie, Shire agree on $55B combination

NORTH CHICAGO, Ill. (AP) -- U.S. drugmaker AbbVie has finally reached an agreement valued at around $55 billion to combine with Shire after its British counterpart rebuffed several takeover attempts.

The deal would incorporate the company in the U.K., a move that would save it on corporate taxes.

The companies say Shire shareholders will receive cash and stock valued at about 53.19 pounds ($91.07) for each of their shares. They will control about 25 percent of a new company created as part of the deal. AbbVie shareholders will hold the remaining 75 percent.

That new company will be incorporated on the British island of Jersey, where Shire currently is headquartered.

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