NEW YORK (TheStreet) -- Shares of AbbVie Inc. (ABBV) are up 3.53% to $55.48 after the pharmaceuticals company presented its strategic rationale for acquiring Shire Plc (SHPG) today as a fight for control of the specialty biopharmaceutical took a new turn after it had rejected AbbVie's $46 billion offer, Reuters reports.
Shares of Shire are up 2.71% to $229.32 in heavy trading volume.
AbbVie called for talks and said it was willing to move quickly to clinch a deal, arguing it would create more value from Shire's assets than the hyperactivity and rare diseases specialist could do on its own, Reuters said.
TheStreet Ratings team rates ABBVIE INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ABBVIE INC (ABBV) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and generally higher debt management risk."