AbbVie's Recent ImmunoGen Acquisition Looks Brilliant: Here's Why

Drug patents don't last forever, so pharmaceutical companies are constantly looking for the next big treatment to broaden their total portfolio of offerings.

When it was clear a few years ago that biosimilars for 's (NYSE: ABBV) Humira would be hitting the market, management knew it had work to do. Humira is the best-selling prescription drug in history, putting AbbVie on the map. But nothing lasts forever, and the company began taking steps to ensure its future success.

First, AbbVie completed the blockbuster $63 billion acquisition of Allergen in 2020. That brought commercial-stage drugs, like Botox and Juvederm, to AbbVie. It also brought knowledge from Allergen's long research and development (R) programs in aesthetics, neuroscience, and eye care.

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Source Fool.com