AbbVie to Acquire Cerevel Therapeutics in $8.7 Billion Deal

AbbVie, a leading pharmaceutical company, announced on Wednesday its plans to acquire neuroscience drugmaker Cerevel Therapeutics for approximately $8.7 billion. The deal is expected to be completed in the middle of 2024.

Expanding AbbVie’s Drug Pipeline

This acquisition is part of AbbVie’s strategy to expand its drug pipeline as its top-selling treatments, including Humira, face generic competition. In addition to the Cerevel acquisition, AbbVie recently agreed to buy cancer drug developer Immunogen for nearly $10 billion.

Focusing on Psychiatric and Neurological Disorders

Cerevel Therapeutics will enhance AbbVie’s portfolio for psychiatric and neurological disorders, where significant unmet needs remain. One of the key drugs that Cerevel brings to the table is Emraclidine, an experimental treatment for both schizophrenia and Alzheimer’s disease psychosis. This drug is currently in a phase one study in elderly volunteers.

Creating Shareholder Value

Richard Gonzalez, CEO and chairman of AbbVie, expressed his optimism about the deal, stating that it represents a significant growth opportunity for the company. AbbVie plans to leverage its commercial capabilities, international infrastructure, and regulatory and clinical expertise to deliver substantial shareholder value with the multibillion-dollar sales potential across Cerevel’s portfolio of assets.

Investor Conference Call

AbbVie will hold an investor conference call on Thursday at 8:00 a.m. ET to provide more details about the acquisition.

Sources: AbbVie, Cerevel Therapeutics