June 26, 2019 Comments Off on CRE and Employment Impact of AbbVie/Allergan Deal is Unclear Views: 113 Chicago News, Top Chicago

CRE and Employment Impact of AbbVie/Allergan Deal is Unclear

The economic and real estate implications of North Chicago, IL-based AbbVie’s $63-billion acquisition of rival drugmaker Allergan aren’t yet clear. The merged company will remain headquartered in North Chicago under AbbVie CEO Richard Gonzalez, but the broader impact on AbbVie’s 9,300 employees in Illinois is uncertain, the Chicago Tribune reported.

AbbVie’s merger with Allergan is expected to reduce the North Chicago firm’s reliance on its bestselling Humira medication, whose patent protection in the U.S. will soon expire. In a conference call discussing the combination with Dublin-based Allergan, Gonzalez said the Allergan acquisition is expected to yield $2 billion in annual cost savings by its third year, partly through “elimination of redundant infrastructure.”

An AbbVie spokeswoman declined to comment on whether the combination might lead to layoffs or relocation of Allergan jobs or operations to the Chicago area, the Tribune reported. Almost all of AbbVie’s Illinois employees are in Lake County.

Read more at Chicago Tribune

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