Big pharma deal on the way as Shire agrees to back new AbbVie offer

AbbVie Inc moved a step closer to buying Shire Plc after the Dublin-based company said it is willing to back a fifth offer of £31.4bn (€39.4bn) just four days before the deadline to strike a deal.

Shire would support a formal bid of £53.20 (€66.7) a share, or 9.2 percent more than Shire’s closing share price on July 11, Shire said in a statement yesterday.

That price would make the acquisition the biggest in the industry this year. AbbVie made four previous offers.