- AbbVie is buying Botox-maker Allergan in a $63 billion deal,the companies said on Tuesday.
- The deal would combine AbbVie, which makes the blockbuster drug Humira, with Allergan, whichhas been facing pressure from activists for more than a year to improve performance.
- Bankers from Morgan Stanley and PJT Partners advised AbbVie on the transaction, while JPMorgan advised Allergan.
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Another massive pharmaceutical merger is underway.
The$63 billion deal combines North Chicago-basedAbbVie, which makes the world’s best-selling drug Humira, with Dublin-basedAllergan, which has been struggling in the face of competition for some of its biggest products including the wrinkle-smoothing treatment Botox.
It’s the first major acquisition AbbVie has attempted since its takeover of Stemcentrx in 2016,which it has since said was a flop. Prior to that, in 2015, AbbVie acquired Pharmacyclics for $21 billion, gaining the blood cancer treatment Imbruvica.
AbbVie and Allergan each have a bench of investment bankers advising on the transaction. Here’s what we know about them, based on company filings linked to the transaction.
Read more: AbbVie’s $63 billion mega-deal for Botox-maker Allergan is the pharma industry’s latest bet that bigger is better. But the deal is already facing big questions.
Morgan Stanley was the lead financial adviser for AbbVie on the deal. The team included Clint Gartin, Michael Boublik, Joe Modisett, and David Kitterick.
Gartin is a veteran healthcare banker who’s now chairman of investment banking at Morgan Stanley, and he was also involoved in Bristol-Myers Squibb’s deal for Celgene in January,Reuters reports.
Boublik is thechairman of M&A in the Americas while Modisett is head of US healthcare investment banking, according to his LinkedIn profile. Kitterickis a lawyer-turned-banker based in London.
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PJT Partners, a boutique investment bank in New York, also advised AbbVie on the deal. The names of the PJT bankers on the deal weren’t disclosed.
PJT was founded after former Morgan Stanley banker Paul Taubman left the bank in 2012. In 2015, it merged with assets from Blackstone’s financial- and strategic-advisory services, and now operates as a publicly traded company.
In November, Business Insider reported that former star Goldman Sachs pharmaceutical analyst Jami Rubin was headed to the bank.
Rubin has been an analyst sincethe early 1990s and has famously pressed major pharmaceutical companies on theirplans for mergers and acquisitions. She joined Goldman Sachs in 2008 after working at Morgan Stanley and became a partner in 2012.
JPMorgan was the financial adviser for Allergan. The team on the deal includes Jeremy Meilman, Dwayne Lysaght, Thomas Monaghan, and David Connern.
Lysaght is a UK takeover specialist, Meilman is amanaging director at the bank. Monaghan has advised on other big healthcare deals such asUnitedHealth Group’s Surgical Care acquisition and the2011 merger of Express Scripts and Medco. Connern is a UK-based banker focused on UK and Ireland corporate finance and M&A.
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