According to Bloomberg News sources familiar with the matter, AbbVie is gearing up to sell a minimum of $13 billion in corporate bonds to facilitate its acquisitions of ImmunoGen and Cerevel Therapeutics.
The sale is anticipated to be announced imminently, likely on Thursday, after fixed-income investor calls held on Wednesday, the sources disclosed anonymously. The final offering size remains subject to potential adjustments and will be determined on the day of the sale. AbbVie has yet to respond to Reuters’ request for comment.
In recent developments, AbbVie announced two significant acquisitions in December: a $8.7 billion deal for Cerevel and a $10.1 billion acquisition of ImmunoGen, the latter of which has been finalized. Despite these substantial acquisitions, AbbVie has expressed its intention to focus on smaller deals to sustain growth over the coming decade.
Additionally, on Tuesday, the pharmaceutical giant revealed the appointment of Robert Michael as the incoming CEO, slated to replace Richard Gonzalez in July.
