Sector News

M&A-minded AbbVie snaps up JPMorgan’s dealmaking hotshot

September 17, 2015
Life sciences

AbbVie could use some M&A to help it diversify beyond best-seller Humira, a popular biosimilar target. And that’s something its newest hire knows a thing or two about.

The Illinois pharma is bringing on Henry Gosebruch, one of JPMorgan Chase’s two co-heads of North American mergers, as its chief strategy officer. The appointment is “about enhancing our focus and recognizing the increasingly important role that corporate strategy and business development will play in our future,” spokesman Greg Miley told FiercePharma via email.

Gosebruch is no stranger to pharma–or to AbbVie. He eventually became one of JPMorgan’s top dealmakers in the space after joining the bank in 1994 as an intern, The New York Times notes. Gosebruch went on to advise on transactions like Forest Labs’ sale to Actavis (now Allergan), Merck’s Cubist takeover, and 2014’s ultimately failed tie-up between AbbVie and Shire.

Now, with Gosebruch in tow, more moves could be on the way for the Chicago-area drugmaker. Since abandoning the Shire deal, AbbVie paid $21 billion for Imbruvica-maker Pharmacyclics, but the company may need more deals if dire predictions that some analysts have for Humira hold any weight.

Citi’s Andrew Baum, for one, sees biosimilars making a big dent in the drug’s revenues as soon as 2018. “At year 3, biosimilars will achieve 36% U.S. market share in Humira patients and 25% in established Humira patients,” he wrote in February, forecasting that knockoffs would sink sales to $6 billion by 2022.

By Carly Helfand

Source: Fierce Pharma

comments closed

Related News

February 25, 2024

Pharma CFOs need R&D vigilance in tough economic times

Life sciences

As inflation, high interest rates and a tight investment environment continue to create headaches, 72% of CFOs said economic volatility poses the same or greater risk to their business this year compared to 2023 in a recent survey from BDO — and there are more changes afoot.

February 25, 2024

Agilent CEO Mike McMullen to retire, succeeded by lab services head

Life sciences

McMullen, who’s also currently president of Agilent, is set to abdicate both roles on May 1, according to an announcement the company put out Wednesday afternoon. From there, McMullen will spend a few months serving as an advisor to Agilent and to his successor until his retirement becomes final on Oct. 31.

February 25, 2024

AstraZeneca completes Gracell Biotechnologies acquisition for $1.2bn

Life sciences

AstraZeneca has concluded its acquisition of China-based clinical-stage biopharmaceutical company Gracell Biotechnologies for $1.2bn. The acquisition, initially agreed in December 2023, positions Gracell as a wholly owned AstraZeneca subsidiary with operations continuing in the US and China.

How can we help you?

We're easy to reach