London - Shire Pharmaceuticals has accepted a $54bn takeover bid from AbbVie, the two companies announced on Friday, in a deal aimed at slashing the US giant's tax bill.
The takeover, priced with a 53.0% premium for Shire stock, comes after Ireland-based Shire reversed its opposition to a deal earlier this week.
"The boards of AbbVie and Shire are pleased to announce that they have reached agreement on the terms of a recommended combination of Shire with AbbVie," the two firms said in a statement.
The offer, comprising 24.44 in cash and 0.8960 AbbVie share per Shire share, is the same as the proposal received by the group last Sunday.
The companies added that the bid was worth the equivalent of 53.19 per Shire share, which represents a premium of 53% to the closing share price on May 2, one day before AbbVie's initial proposal.