AbbVie Expands Neuroscience Portfolio with $8.7 Billion Acquisition of Cerevel Therapeutics
December 6, 2023
AbbVie has announced plans to acquire Cerevel Therapeutics, a neuroscience drugmaker, for $8.7 billion, marking its third and fourth largest biopharma M&A deals of 2023. This move comes shortly after AbbVie’s $10.1 billion acquisition of ImmunoGen. The deal, priced at $45 per share in cash, saw Cerevel’s shares rise nearly 14% in after-hours trading. AbbVie’s CEO Rick Gonzalez had previously indicated the company’s readiness to seize compelling acquisition opportunities, particularly in neuroscience.
The acquisition, expected to close in mid-2024, will give AbbVie access to Cerevel’s mid- and late-stage drugs targeting schizophrenia, epilepsy, Parkinson’s disease, and dementia-related apathy. Cerevel’s pipeline includes Phase II schizophrenia drug emraclidine, Phase III Parkinson’s disease candidate tavapadon, and other drugs for focal epilepsy, panic disorder, and dementia-related apathy. This strategic move follows Cerevel’s recent leadership changes and a significant fundraising effort, positioning AbbVie firmly in the neuroscience and antibody-drug conjugate sectors.
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[Source: Endpoints, December 6th, 2023]
