AbbVie, the drugmaker buying Dublin-based Shire plc to lower its tax rate, reported profit that beat analysts’ estimates on strong sales of the arthritis drug, Humira.

Mylan is buying Abbott Laboratories’ generic-drug business and forming a new company that will be incorporated in the Netherlands, giving the new operation a lower- cost tax base.

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.

AbbVie has said its $46.5bn (€34.1bn) bid for Shire plc offers "compelling" value for Shire shareholders and that it won’t rule out going hostile in its drive to acquire the drugmaker.

Shire Plc reported a 20% increase in first-quarter earnings per share as doctors prescribed more Vyvanse, a pill for ADHD that it expects will bring in more than $1bn (€762m) this year.