(Bloomberg) -- Pharmaceutical giant AbbVie Inc. is looking to sell at least $13 billion of corporate bonds to help fund its acquisitions of ImmunoGen Inc. and Cerevel Therapeutics Holdings Inc., according to people with knowledge of the matter.

The sale is expected to be announced as soon as Thursday, following fixed-income investor calls on Wednesday, said the people, who asked not to be identified because the discussions are private. The size of the offering is subject to change, and will be determined on the day of the sale. A spokesperson for AbbVie didn’t immediately respond to requests for comment.  

The bond sale is set to be the latest in a string of recent offerings from blue-chip companies looking to fund acquisitions. Cisco Systems Inc. on Wednesday sold $13.5 billion of bonds to finance its purchase of Splunk Inc. Last week, Bristol Myers Squibb issued $13 billion of bonds to help pay for its acquisitions of Karuna Therapeutics Inc. and RayzeBio Inc., a transaction that garnered more than $85 billion of orders.

The recent flurry of bond sales tied to acquisitions comes after the worst year in a decade for buyout funding. 

AbbVie on Wednesday held calls with investors to discuss the bond offering. Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley arranged the calls. Representatives for Citigroup and JPMorgan declined to comment. Spokespeople for Bank of America and Morgan Stanley were either not immediately available or not immediately able to comment. 

At the end of 2023, AbbVie agreed to buy cancer drugmaker ImmunoGen for $10.1 billion and biotech company Cerevel in a deal valued at $8.7 billion, two deals that were announced within a span of a week.

Earlier this week, AbbVie said that Richard Gonzalez, it chief executive officer, will retire after over a decade in the role, to be succeeded by Robert Michael, chief operating officer, effective July 1.

AbbVie lifted its forecasts for 2024 profit earlier this month as the company expects robust growth from newer treatments. 

--With assistance from Caleb Mutua.

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