Abbvie Inc
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Health Care : Biotechnology | Large Cap Value
Company profile

AbbVie Inc. is a research-based biopharmaceutical company, which is engaged in research and development, manufacturing, commercialization and sale of medicines and therapies. It offers products in various therapeutic categories, including immunology products, which include Humira, Skyrizi and Rinvoq; oncology products, which include Imbruvica and Venclexta; aesthetics products that include Botox Cosmetic, Juvederm Collection and others; neuroscience products, such as Botox Therapeutic, Vraylar, Duopa and Duodopa, and Ubrelvy; eye care products consists of Lumigan, Alphagan and Restasis; women's health products include Lo Loestrin, Orilissa and others; and other products, which includes Mavyret, Creon, Lupron, Linzess and Synthroid. Its products are sold to wholesalers, government agencies, health care facilities and independent retailers. It also discovers and develop antibody medicines that target difficult-to-drug disease-causing proteins, such as G protein-coupled receptors (GPCRs).

Closing Price
Day's Change
-1.12 (-0.76%)
B/A Size
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10-day average volume:

SPAC 'King' Chamath Palihapitiya is winding down two vehicles after failing to find a target company in time

9:59 am ET September 20, 2022 (MarketWatch)

Chamath Palihapitiya, backer of the Social Capital Hedosophia Holdings Corp. special-purpose acquisition corporations, or SPACs, said Tuesday he is winding down the two vehicles numbered IV and VI after failing to find a target company to acquire within the given time frame. In a regulatory filing, Palihapitiya, known as the 'SPAC King' for the number of vehicles he has launched, said he and his team evaluated more than 100 target companies, and "while we came close to doing a deal several times, we ultimately walked away each time for a couple of reasons." These included valuation and volatility, when they met with resistance from management teams who didn't want to face public markets in a period of high volatility. After failing to find a target before an October 14 deadline, the blank-check companies will be wound down and the funds will be returned to their shareholders. Palihapitiya said he was proud of the companies he did bring to public markets, including Virgin Galactic , Opendoor , Clover Health , SoFi , ProKidney , and Akili . The investor said he would continue to foucs on early-stage companies with SPACs just one of many tools in his toolkit.

-Ciara Linnane


(END) Dow Jones Newswires

September 20, 2022 09:59 ET (13:59 GMT)

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