The world’s largest generic drugs maker announced on Wednesday that it will divest its active pharmaceutical ingredient (API) unit to focus on its core business.
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The filing will allow it to resolve litigation claims in an “equitable manner”, the company said, adding it has received a commitment for $3.45 billion from some lenders, which will provide liquidity during the bankruptcy process.
Abbvie will lift a self-imposed $2 billion limit on acquisitions and mergers placed following a $63 billion deal for Botox maker Allergan in 2020 that shot up its debt, the company’s chief executive officer told the Wall Street Journal.
When GlaxoSmithKline’s consumer health spinoff Haleon launches later this month, the new business will carry more than $12 billion in debt when it lists on the London Stock Exchange.