Shire Plc and U.S. drugmaker Abbvie Inc plan to announce a $53 billion merger as soon as Friday morning, two people said on Thursday. Dublin-based Shire, which sells drugs for rare diseases, said earlier this week it was ready to recommend a deal to shareholders after AbbVie increased its offer.AbbVie, which is based in Chicago and makes top-selling arthritis drug Humira, boosted its bid for Shire to 53.20 pounds per share on Sunday. Shire has rejected four previous bids.Under British takeover rules AbbVie has until July 18 to announce a firm offer for Shire, extend the deadline for an offer, or walk away.AbbVie is eager to purchase Shire both to reduce its U.S. tax bill by moving its tax base to Britain - a tactic known as inversion - and to diversify its drug portfolio. AbbVie currently generates nearly 60 percent of its revenue from Humira, the world's top-selling medicine, which loses U.S. patent protection in late 2016.
AbbVie Inc. (AbbVie) is a research-based pharmaceuticals company. Shares of ABBV traded higher by 1.92% or $1.03/share to $54.68. In the past year, the shares have traded as low as $42.25 and as high as $58.27. On average, 6589790 shares of ABBV exchange hands on a given day and today's volume is recorded at 9764072.
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