NEW YORK (AP) — U.S. drugmaker AbbVie is boosting its offer for Shire by 11 percent to about $51.3 billion, hoping it will be enough to pique the interest of its British counterpart.
Shire, known for its rare-disease drugs, has rejected three AbbVie offers to date.
North Chicago, Illinois-based AbbVie is now making an unsolicited offer of 51.15 British pounds ($87.57) per Shire PLC share in cash and stock. Its prior bid was worth about 46.11 pounds ($78.93) per share for a total value of 27 billion pounds ($46.2 billion).
AbbVie, which was spun off from Abbott Laboratories last year, has until July 18 to either announce a firm offer or confirm that it won't make one under United Kingdom takeover laws.
AbbVie's stock fell more than 2 percent in Tuesday premarket trading.