Davis Polk is advising Shire plc in connection with its approximately £32 billion ($54.8 billion) merger with AbbVie Inc. Shire shareholders will receive £24.44 in cash and 0.8960 new AbbVie shares for each Shire share. The transaction is expected to be completed in the fourth quarter of 2014.

Shire is a leading global specialty biopharmaceutical company that focuses on developing and marketing innovative specialty medicines. AbbVie is a global, research-based biopharmaceutical leader that was launched as an independent company in January 2013 following separation from Abbott Laboratories.

The Davis Polk corporate team includes partners George R. Bason Jr. and William J. Chudd, and associates Daniel Brass, Michael R. Patrone and Shaun Levor. The executive compensation team includes partner Kyoko Takahashi Lin, counsel Andrew Blau and law clerk Alicyn Isaac-Lowry. Partner Michael Mollerus is providing tax advice. Counsel Scott B. Luftglass is providing litigation advice. All members of the Davis Polk team are based in the New York office.