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Pharmaceutical Industry
AbbVie to buy leukemia drug maker Pharmacyclics for $21 billion

AbbVie will spend about $21 billion to buy fellow drugmaker Pharmacyclics and add another major revenue producer to a portfolio that already includes the world's top-selling drug. The deal will give the North Chicago, Ill., drugmaker Imbruvica, a blood cancer treatment that Pharmacyclics makes and then markets with Johnson & Johnson's Janssen Biotech. AbbVie executives told analysts on Thursday that their company could reap more than $7 billion in annual sales from Imbruvica in a few years. Imbruvica is approved in more than 40 countries and treats three types of blood cancers including chronic lymphocytic leukemia, which is the most common leukemia in adults. The...

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