Robert Duggan’s Press

Robert Duggan’s Press & News

 

AbbVie Completes Acquisition of Pharmacyclics (AbbVie – May 26, 2015)

Bob Duggan AbbVie

As of May 26th, global research-based pharmaceutical company, AbbVie (ABBV), joins forces with Pharmacyclics (PCYC), the leader in treating hematological cancers. By acquiring Pharmacyclics, AbbVie aims to dramatically transform the $24 billion global cancer treatment market. Pharmacyclic’s Imbruvica drug is already approved in nearly 50 countries and has more than 60 clinical trials underway.

 

 

 

The 25 Most Influential People in Biopharma in 2015 (FierceBiotech — May 13, 2015)

Bob Duggan Fierce BioTech

After the AbbVie deal, Bob Duggan will remain well-known for his dealmaking abilities and his unique ability to successfully gain extraordinary value from a biotech asset. Thanks to Duggan’s convictions, AbbVie’s CEO was convinced to go from $0 to $21 billion within just 2 days of bidding. But Duggan was not focused entirely on his personal net worth — he also showed profound loyalty to his employees. Duggan ensured that his top employees and senior staff members would have jobs after the deal went through.

 

 

Pharmacyclics-AbbVie Merger Has Many Moving Parts (SeekingAlpha — May 12, 2015)

Bob Duggan Seeking Alpha

Two months prior, in March 2015, AbbVie (ABBV) announced its $21 billion acquisition of Pharmacyclics (PCYC). The draw for AbbVie was Pharmacyclic’s Imbruvica drug, which is highly effective in treating hematologic cancers and malignancies.

In the merger, AbbVie will pay $261.25 per share. Pharmcyclics’ Stockholders can either elect cash, ABBV common stock or combination of the two.

 

 

 

The $3.55 Billion Man (USA Today Money – March 24, 2015)

Bob Duggan USA Today Money

Robert Duggan, who has declined annual salary compensation ever since he became CEO of biotech leader Pharmacyclics (PCYC) in 2008, is set to earn over $3.5 billion after the company is acquired by AbbVie (ABBV). Duggan began buying Pharmacyclics stock back in 2004 when the company’s shares sold for under $1 and is now selling his 18% stake in the company, which amounts to 13.6 million shares at $261.25 per share.

 

 

 

Billionaire Robert Duggan’s Bet On Pharmacyclics Stands Among the Top Trades of the Crisis Era (Forbes — March 5, 2015)

Robert Duggan Forbes

Back in 2008, Robert Duggan made a particularly successful investment at the bottom of the stock market crash. The return on investment that Duggan will enjoy today puts him on par with the likes of investors like Warren Buffett and Bill Ackman. At the time, Pharmacyclics (PCYC) shares began to drop below $10, then $4, then $3 and Duggan continued to buy up stock to add to his already growing number of company shares. When the market crashed in 2008 and the stock dropped below $1, Duggan doubled down and built his stake up so that he owned nearly 25% of the company.

Now, after years of dedication as the company’s CEO, Duggan is poised to make over $3.5 billion in one of the industry’s biggest deals ever.

 

Sunnyvale’s Pharmacyclics sells for $21 billion to AbbVie (Mercury News – March 5, 2015)

Robert Duggan Mercury News

It took more than 20 years for Pharmacyclics to launch a blockbuster drug, but the payoff for its success was immense.

The biotech company has agreed to be acquired by AbbVie for about $21 billion, the companies announced Wednesday evening, the largest biotech acquisition so far in a year that has seen several big-money deals for the sector. AbbVie agreed to pay $261.25 per share for Pharmacyclics in a mix of cash and AbbVie stock, a 13.4 percent premium to the Sunnyvale company’s closing price Wednesday.

 

 

AbbVie to Acquire Pharmacyclics, Including Its Blockbuster Product Imbruvica, Creating an Industry Leading Hematological Oncology Franchise (AbbVie – March 4, 2015) 

Bob Duggan AbbVie

AbbVie (NYSE:ABBV) and Pharmacyclics (NASDAQ: PCYC) today announced a definitive agreement under which AbbVie will acquire Pharmacyclics, and its flagship asset  Imbruvica® (ibrutinib), a highly effective treatment for hematologic malignancies.   The acquisition accelerates AbbVie’s clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology – an attractive and rapidly growing market, now approaching $24 billion globally.  The acquisition adds to AbbVie’s already comprehensive pipeline and strong growth prospects.

Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity.  The transaction values Pharmacyclics at approximately $21 billion and was approved by the Boards of Directors of both companies.

 

The Hiring Guru: Robert Duggan Billionaire (HuffingtonPost — April 18, 2014)

Robert Duggan Huffington Post

Success in life and especially business, is dependent on relationships. Duggan’s focus has always been on assembling great teams. By avoiding the pitfalls of bad hiring decisions, a great team gets put in place, with clear productivity goals and performance objectives to achieve success. Then management’s job is made easier to organize and lead their team proactively.

After building up and selling a world-leading robotic surgery company, Robert Duggan became actively involved in Pharmacyclics, taking over as CEO in 2008. At the time, the company was floundering. The previous year, the FDA had rejected their cancer drug application for Xcytrin and their share price plummeted. By early 2009, Pharmacyclics was officially a penny stock, trading for 57 cents.

Rather than throwing in the towel, Duggan rolled up his sleeves and got to work turning things around.