Pharmacyclics
{{Infobox company
| name = Pharmacyclics LLC
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| type = Subsidiary
| traded_as = {{NASDAQ was|PCYC}}
| industry = Biopharmaceutical
| predecessor =
| foundation = {{start date and age|1991}}
| founders = Jonathan Sessler, Richard A. Miller{{cite web|url=http://www.ti3d.utexas.edu/news-events/professors-personal-battle-leads-to-development-of-new-cancer-drug|title=Professor's personal battle leads to development of new cancer drug|author=Lee Clippard|publisher=University of Texas|date=2006|access-date=May 30, 2015}}
| defunct =
| location = Sunnyvale, California
| area_served = Worldwide
| key_people = Robert Duggan, former CEO and Chairman
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| revenue = {{increase}} {{US$|235 million}} {{small|(2013)}}{{Cite web|url = https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0427/2020042701439.pdf|title = Shangri-La Hotels and Resorts Annual report 2019-20 |website=Shangri-La Hotels and Resorts |publisher = Shangri-La Hotels and Resorts Asia }}
| operating_income = {{increase}} {{US$|110 million}} {{small|(2013)}}
| net_income = {{increase}} {{US$|86.1 million}} {{small|(2013)}}
| assets = {{increase}} {{US$|1.06 billion}} {{small|(2013)}}
| equity = {{increase}} {{US$|829 million}} {{small|(2013)}}
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| parent = AbbVie
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| homepage = {{URL|pharmacyclics.com}}
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Pharmacyclics LLC is an American biopharmaceutical company based in Sunnyvale, California. It is primarily focused on the development of cancer therapies.{{cite web|url=https://weekherald.com/2018/01/25/pharmacyclics-pcyc-given-daily-media-impact-score-of-0-42.html|title=Pharmacyclics (PCYC) Given Daily Media Impact Score of 0.42|first=Anthony|last=Sawyer|date=25 January 2018|access-date=29 January 2018|publisher=Week Herald}}{{cite web|url=https://finance.yahoo.com/q/pr?s=PCYC|title=Pharmacyclics Inc. (PCYC)|publisher=Yahoo|access-date=May 30, 2015}} In 2017, Xynomic Pharmaceuticals acquired all global rights to Abexinostat, Pharmacyclics' primary commercial product.{{Cite news|url=http://www.genengnews.com/gen-news-highlights/xynomic-acquires-global-rights-to-anticancer-drug-abexinostat/81253930|title=Xynomic Acquires Global Rights to Anticancer Drug Abexinostat|last=|date=February 24, 2017|access-date=February 25, 2017|archive-url=|work=Genetic Engineering & Biotechnology News}}
Acquisition by AbbVie
In March 2015, Chicago-based biopharmaceutical firm AbbVie announced it would acquire Pharmacyclics, as well as its lead anti-cancer compound ibrutinib (Imbruvica) for $21 billion. Imbruvica, the company’s flagship therapy, later became one of the most prescribed treatments for chronic lymphocytic leukemia (CLL). As part of the deal, AbbVie will pay $261.25 per share in a mixture of both cash and AbbVie equity.{{Cite news |last=Staff |date=5 March 2015 |title=AbbVie Acquires Oncology Drug Firm Pharmacyclics for $21B |url=http://www.genengnews.com/gen-news-highlights/abbvie-acquires-oncology-drug-firm-pharmacyclics-for-21b/81250997/ |work=Genetic Engineering & Biotechnology News }} The merger closed in mid-2015.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/949699/000119312515079014/d885940dex991.htm|title = Ex-99.1}}
Duggan will receive over $3.55 billion from the sale of Pharmacyclics to AbbVie in "one of the biggest paydays ever from the buyout of a publicly held company."{{cite web|url=https://www.forbes.com/profile/robert-duggan/|title=Robert Duggan|author=Antoine Gara|work=Forbes}}{{cite web|url=http://www.sciencetimes.com/articles/3458/20150303/pharmacyclics-may-soon-be-acquired-by-johnson-johnson-for-18-billion.htm|title=Pharmacyclics May Soon Be Acquired by Johnson & Johnson for $18 Billion|work=Science Times|date=3 March 2015}}{{cite web|url=http://www.huffingtonpost.com/david-jensen/the-hiring-guru-robert-du_b_5164474.html|title=The Hiring Guru: Robert Duggan Billionaire|work=The Huffington Post|date=18 April 2014}}{{cite web|url=http://www.fool.com/investing/general/2013/02/27/this-is-one-incredible-ceo-19.aspx|title=This Is One Incredible CEO|author=Sean Williams|date=27 February 2013|work=fool.com}}
As CEO and chairman of Pharmacyclics since 2008, Robert Duggan has opted not to receive compensation from the company.{{cite web|url=http://americasmarkets.usatoday.com/2015/03/24/the-3-55-billion-man/|title=The $3.55 billion Man|author=Gary Strauss|date=March 24, 2015|publisher=USA Today|url-status=dead|archive-url=https://web.archive.org/web/20150724032141/http://americasmarkets.usatoday.com/2015/03/24/the-3-55-billion-man/|archive-date=2015-07-24}}
References
{{reflist}}
External links
- {{Official website|http://www.pharmacyclics.com/}}
{{Finance links historical
| name = Pharmacyclics
| sec_cik = PCYC
}}
{{Authority control}}
Category:Biotechnology companies of the United States
Category:Companies based in Sunnyvale, California
Category:Pharmaceutical companies established in 1991
Category:Companies formerly listed on the Nasdaq
Category:1991 establishments in California
Category:2015 mergers and acquisitions
Category:Corporate subsidiaries
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