AbbVie investors lukewarm on Pharmacyclics deal

AbbVie Inc. (NYSE:ABBV) shed $3.41 to $56.86 on news of its $21 billion acquisition of oncology play Pharmacyclics Inc. (NASDAQ:PCYC), a signal that shareholders are questioning whether the deal will fill AbbVie's revenue gap as the company looks to reduce its dependence on blockbuster Humira adalimumab.

When Abbott Laboratories announced plans in 2011 to spin out its branded marketed drugs and innovative drug pipeline, the company believed the newco, AbbVie, would drive high-single-digit sales growth starting in 2015 without the need for large acquisitions.The strategy depended on three pipeline programs in large indications to keep AbbVie on a growth trajectory even as patents for Humira begin to expire in December 2016. ...