AbbVie raises its bid for Shire by about 11 pct

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Associated Press

Posted on July 8, 2014 at 7:01 AM

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.

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