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News > Financial > U.S. Drug Giant AbbVie Buys Ireland's Shire For $53-Billion

U.S. Drug Giant AbbVie Buys Ireland's Shire For $53-Billion

(Undated) -- U.S. drugmaker AbbVie now has a deal to buy Irish pharmaceutical firm Shire for more than 53-billion dollars. The agreement reached today has been in the works for at least a month. Acquiring Shire will allow AbbVie to cut its taxes by reincorporating in Britain. Shire makes a popular hyperactivity drug and expensive medications for rare diseases. AbbVie, which used to be known as Abbot Laboratories, makes the world's best-selling arthritis drug, Humira.

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