Davis Polk advised the representatives of the underwriters, in connection with an SEC-registered offering by AbbVie Inc. (“AbbVie”) of $7.8 billion aggregate principal amount of senior notes in five series, consisting of $1.8 billion aggregate principal amount of 2.300% senior notes due 2021, $1.0 billion aggregate principal amount of 2.850% senior notes due 2023, $2.0 billion aggregate principal amount of 3.200% senior notes due 2026, $1.0 billion aggregate principal amount of 4.300% senior notes due 2036 and $2.0 billion aggregate principal amount of 4.450% senior notes due 2046. The net proceeds from the offerings were approximately $7.7 billion, which AbbVie intends to use to partially finance its acquisition of Stemcentrx, Inc. and repay outstanding debt.

Headquartered in Chicago, Illinois, AbbVie is a global research-based biopharmaceutical company that develops and markets advanced therapies that address some of the world’s most complex and serious diseases. AbbVie products are used to treat chronic autoimmune diseases, including rheumatoid arthritis, psoriasis, and Crohn’s disease; hepatitis C; human immunodeficiency virus; endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis and other health conditions, such as low testosterone.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associate Ferrell Maguire Keel. The tax team included partner David H. Schnabel and associate Christopher A. Baratta. Partner Frank J. Azzopardi and associate Paul S. Lee provided intellectual property and technology advice. All members of the Davis Polk team are based in the New York office.

 

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