Shire rejects AbbVie merger

|About: AbbVie Inc. (ABBV)|By:, SA News Editor

AbbVie (ABBV) has announced that Shire (SHPG) rejected its proposed merger, which valued the latter at $78.87 a share. This was the third merger attempt made by AbbVie in recent months. Discussions regarding the acquisition are said to be not continuing further.

Shire's Q1 net profit soared to $230M from $65M a year ago, and sales rose 16% to $1.35B. AbbVie's profit climbed 1.2% to $980Min Q1, and sales grew 5.4% to $4.56B.