Biopharmaceutical company AbbVie announced late Wednesday it has agreed to a $21 billion deal to purchase Pharmacyclics, makers of one of the top cancer treatment drugs in the industry.
Under the terms of the agreement, AbbVie will pay a little more than $261 per share using a mixture of cash and stock.
According to Bloomberg, that's "39 percent higher than Pharmacyclics’s closing price on Feb. 24, the day before Bloomberg News reported that the company was considering a deal."
That's likely attributed to the high cost of cancer treatment, which can run thousands of dollars every month depending on the case.
The deal essentially gives AbbVie a stronger foothold in the realm of oncology drugs. Right now, it relies heavily on Humira, its top-selling product that treats various forms of arthritis.
This video includes images from Getty Images.