AbbVie Trumps J&J With a $21 Billion Deal in Cancer Therapy Push

AbbVie Inc. beat out Johnson & Johnson with a last-minute bid that clinched the $21 billion acquisition of Pharmacyclics Inc., gaining control of a blockbuster blood cancer therapy.

AbbVie, based in North Chicago, Illinois, will pay $261.25 a share using a mix of cash and its own stock, the two companies said. Pharmacyclics was nearing an agreement to be acquired by J&J, which was offering about $250 a share, before AbbVie topped the bid, said a person with knowledge of the matter who asked not to be identified as the details are private.