AbbVie Officially Terminates Shire Deal

CHICAGO (Chicago Tribune/MCT) -

North Chicago, Illinois-based AbbVie has officially killed its planned $55 billion takeover of Dublin-based rival Shire following changes to U.S. tax rules.

The company had recommended its shareholders vote “no” on the deal last week. Under the terms of the deal, AbbVie will be made to pay a $1.64 billion breakup fee for changing its mind.