AbbVie Selling $15 Billion Bonds to Buy ImmunoGen, Cerevel (3)

Pharmaceutical giant AbbVie Inc. is selling around $15 billion of bonds in the US investment-grade market on Thursday to help fund its acquisitions of ImmunoGen Inc. and Cerevel Therapeutics Holdings Inc., adding to a recent rush of buyout financings.

The company is offering the securities in seven parts. The longest portion, a 40-year bond, is expected to be sold at a yield of around 105 basis points over Treasuries. It was previously pitched at about 130 basis points more than the benchmark, according to a person with knowledge of the matter.

Investors have placed orders for more than ...