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China lowered its 2015 economic growth target to "approximately seven percent" Thursday, scaling down expectations in the face of "formidable" difficulties for the world's second-largest economy after its decades-long boom. The figure announced by Premier Li Keqiang is the lowest since a similar goal in 2004 and comes after China's gross domestic product (GDP) expanded 7.4 percent in 2014, the slowest pace in 24 years. Last year's target was "about 7.5 percent". Beijing also reduced multiple other targets including trade growth and inflation.
The deal -- the latest example of a big drugmaker swooping on a biotech firm to refill its medicine pipeline -- confounds expectations that Pharmacyclics would sell out to Johnson & Johnson . AbbVie will pay $261.25 per share in cash and stock, a 13 percent premium to Pharmacyclics stock's closing price on Wednesday. AbbVie failed last October to buy Dublin-based Shire Plc for $55 billion after the United States took steps to deter such tax-lowering deals. Deutsche Bank analyst Robyn Karnauskas said the deal was positive for AbbVie as Pharmacyclics' blood cancer treatment Imbruvica would diversify the business beyond Humira.