AbbVie eyes selling at least $13 bln of bonds to fund M&A, Bloomberg reports (updated)

Cerevel Therapeutics Holdings

21/02/2024 23:41

(Adds details from report in paragraphs 2-3, background
throughout)
       Feb 21 (Reuters) - AbbVie  ABBV.N  is looking to sell at
least $13 billion of corporate bonds to help fund its
acquisitions of ImmunoGen and Cerevel Therapeutics  CERE.O ,
Bloomberg News reported on Wednesday, citing people with
knowledge of the matter.
    The sale is expected to be announced as soon as Thursday,
following fixed-income investor calls on Wednesday, the sources
said, requesting anonymity as the discussions were private,
according to the report. 
    The size of the offering is subject to change and will be
determined on the day of the sale.
    AbbVie did not immediately respond to Reuters' request for a
comment.
    In December, AbbVie announced back-to-back acquisitions - a 
$8.7 billion plan to buy Cerevel and its $10.1 billion deal for
ImmunoGen, which was recently completed.
    AbbVie has since said that it plans to focus on smaller
deals to support its growth through the next decade. 
        On Tuesday, the drugmaker named Robert Michael to
replace Richard Gonzalez as CEO in July.
        
  

 (Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((Sriparna.Roy@thomsonreuters.com;))