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Abbvie plans to lift $2 billion cap on deals - WSJ

Reuters
·1-min read
FILE PHOTO: FILE PHOTO: A sign stands outside a Abbvie facility in Cambridge

(Reuters) - Abbvie will lift a self-imposed $2 billion limit on acquisitions and mergers placed following a $63 billion deal for Botox maker Allergan in 2020 that shot up its debt, the company's chief executive officer told the Wall Street Journal.

Chief Executive Officer Richard Gonzalez said the company now has the capacity "to do more", in an interview with WSJ that was published on Monday.

The comments come at a time when the drugmaker is beginning to face U.S. competition for its blockbuster rheumatoid arthritis drug, Humira, a major revenue driver for years.

The company did not immediately respond to a Reuters request for comment.

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Abbvie is hoping to replace the loss of revenue from Humira through its newer immunology drugs Skyrizi and Rinvoqn, and has forecast sales of over $21 billion from the two products in 2027.

(Reporting by Nandhini Srinivasan in Bengaluru; Editing by Shinjini Ganguli)