AbbVie Inc.’s chief executive has sought to quash any doubts that AbbVie ABBV would go through with its acquisition of Shire in the wake of the Treasury’s proposed changes to U.S. inversion rules.
In recent days, AbbVie CEO Richard Gonzalez told Shire employees — or “colleague” as he called them — that the $54 billion acquisition will proceed.
“I’m more energized than ever about our two companies coming together,” Mr. Gonzalez wrote in a memo released by AbbVie Monday. “I’m happy to say I’m more confident than ever about the potential of our combined organizations now that I’ve had a chance to meet with many of you.”
The memo said that Mr. Gonzalez had met with Shire employees in Chicago and Lexington, Mass. recently. He said in the letter that AbbVie and Shire will be busy in the next few months with “integration planning.”
Meanwhile, AbbVie’s vice president for enterprise strategies Chris Turek, sent a letter to its employees stating that the companies “aims for a fourth-quarter close.” He wrote about day one plans “so that we may begin implementing key tasks in order to ensure business continuity on Day One.”
Both AbbVie and Shire’s shares dropped 1% Monday. AbbVie’s shares are down slightly from their closing price ahead of the Treasury’s announcement, while Shire’s shares are up about 1.5% in the same time period.
Here’s a copy of the letter released to Shire employees:
Subject: An Inspiring Visit
Dear Shire Colleague,
I had the wonderful opportunity last week to sit down and meet with many of you – both in Chicago for the Integration Team Planning Kickoff Meeting, and in Lexington, when I was able to visit your offices.
I wanted to send a note saying that I’m more energized than ever about our two companies coming together, especially because I can already see many shared traits and values in the people at AbbVie and Shire. We have similar cultures that will strengthen the opportunities we have together.
Colleagues at both companies are focused on one thing – helping people. At AbbVie, we call that making a remarkable impact in people’s lives. We’re committed to science, to R&D and to increasing our knowledge of biology and the current standards of care. And it’s all for the same purpose – to advance those standards and improve the care of patients the world over.
When we first considered Shire joining together with AbbVie it was because we saw the opportunity to lead and grow in important therapeutic areas. It was also because we saw a complementary pipeline that would be positioned to enhance innovation.
But more than that, we saw people who shared our vision. I’m happy to say I’m more confident than ever about the potential of our combined organizations now that I’ve had a chance to meet with many of you.
We have a very busy few months ahead as we work on integration planning. It’s more important than ever to keep focused on our business priorities. Meeting our objectives as individual companies will only make our combined organization that much stronger.
Thank you for your continued support and commitment. I look forward to working with you much more closely in the near future. I will continue to keep you updated as events unfold during this very exciting time, and remember, you can always access the announcements and materials regarding the transaction by visiting our microsite.
Best regards,
Rick
In recent days, AbbVie CEO Richard Gonzalez told Shire employees — or “colleague
“I’m more energized than ever about our two companies coming together,” Mr. Gonzalez wrote in a memo released by AbbVie Monday. “I’m happy to say I’m more confident than ever about the potential of our combined organizations now that I’ve had a chance to meet with many of you.”
The memo said that Mr. Gonzalez had met with Shire employees in Chicago and Lexington, Mass. recently. He said in the letter that AbbVie and Shire will be busy in the next few months with “integration planning.”
Meanwhile, AbbVie’s vice president for enterprise strategies Chris Turek, sent a letter to its employees stating that the companies “aims for a fourth-quarter close.” He wrote about day one plans “so that we may begin implementing key tasks in order to ensure business continuity on Day One.”
Both AbbVie and Shire’s shares dropped 1% Monday. AbbVie’s shares are down slightly from their closing price ahead of the Treasury’s announcement, while Shire’s shares are up about 1.5% in the same time period.
Here’s a copy of the letter released to Shire employees:
Subject: An Inspiring Visit
Dear Shire Colleague,
I had the wonderful opportunity last week to sit down and meet with many of you – both in Chicago for the Integration Team Planning Kickoff Meeting, and in Lexington, when I was able to visit your offices.
I wanted to send a note saying that I’m more energized than ever about our two companies coming together, especially because I can already see many shared traits and values in the people at AbbVie and Shire. We have similar cultures that will strengthen the opportunities we have together.
Colleagues at both companies are focused on one thing – helping people. At AbbVie, we call that making a remarkable impact in people’s lives. We’re committed to science, to R&D and to increasing our knowledge of biology and the current standards of care. And it’s all for the same purpose – to advance those standards and improve the care of patients the world over.
When we first considered Shire joining together with AbbVie it was because we saw the opportunity to lead and grow in important therapeutic areas. It was also because we saw a complementary pipeline that would be positioned to enhance innovation.
But more than that, we saw people who shared our vision. I’m happy to say I’m more confident than ever about the potential of our combined organizations now that I’ve had a chance to meet with many of you.
We have a very busy few months ahead as we work on integration planning. It’s more important than ever to keep focused on our business priorities. Meeting our objectives as individual companies will only make our combined organization that much stronger.
Thank you for your continued support and commitment. I look forward to working with you much more closely in the near future. I will continue to keep you updated as events unfold during this very exciting time, and remember, you can always access the announcements and materials regarding the transaction by visiting our microsite.
Best regards,
Rick