Bidding War Yields Rich Price for Biotech

March 6, 2015 2:51 AM

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Bidding War Yields Rich Price for Biotech

The multibillion-dollar sales potential of a cancer drug that Pharmacyclics Inc. chanced upon nine years ago prompted a three-way bidding war that culminated late Wednesday in AbbVie Inc. ’s $21 billion deal to buy the biotech company.

Pharmacyclics, until recently a little-known drug developer in Sunnyvale, Calif., paid a mere $6.6 million for the drug and some other experimental compounds during another company’s fire sale in 2006. It struck a deal to develop and market the drug, Imbruvica, with Johnson & Johnson , and started s...

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