AbbVie Inc. says it is buying leukemia drugmaker Pharmacyclics for $21 billion.
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It is the first big acquisition for AbbVie since it last year pulled out of a deal to buy Irish drugmaker Shire after the U.S. government reduced the tax advantages of the offshore transaction.
Pharmacyclics is known as the maker of Imbruvica, a drug that treats blood cancers.
AbbVie said Thursday is offering $261.25 a share for Pharmacyclics under the cash and stock takeover.
Pharmacyclics is recommending its shareholders accept the offer.