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AbbVie to Buy Cancer Drugmaker Stemcentrx for $5.8 Billion

  • First-quarter profit at AbbVie beats estimates on Humira sales
  • AbbVie diversifying as biosimilars encroach on top product
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AbbVie Inc. agreed to buy cancer drug developer Stemcentrx Inc. for $5.8 billion, making its second multibillion-dollar acquisition in about a year to diversify its product pipeline with therapies in oncology.

AbbVie will pay $2 billion in cash and $3.8 billion in stock, and Stemcentrx investors may get an additional $4 billion in cash if certain regulatory and clinical milestones are achieved, the drugmaker said in a statement. AbbVie also reported first-quarter earnings that beat analysts’ estimates.