AbbVie To Acquire Cerevel Therapeutics for $8.7 Bn
AbbVie has agreed to acquire Cerevel Therapeutics, a Cambridge, Massachusetts-based bio/pharmaceutical company focused on neuroscience-based therapies, for $8.7 billion.
Cerevel has a pipeline of multiple clinical-stage and preclinical candidates with potential across several diseases including schizophrenia, Parkinson’s disease, and mood disorders.
A key clinical product is emraclidine, an antipsychotic being evaluated in Phase Ib/II studies for treating schizophrenia. The drug is also being is also being evaluated for treating dementia-related psychosis in Alzheimer’s disease and Parkinson’s disease. Emraclidine is currently in a Phase I study in elderly healthy volunteers in support of a potential Alzheimer’s disease psychosis program.
Cerevel has multiple clinical assets that are complementary to AbbVie’s priority areas within neuroscience. Tavapadon, a drug for the management of Parkinson’s disease, is currently in Phase III studies and has potential as both a monotherapy and adjunctive treatment. CVL-354, currently in Phase I, is a drug for treating major depressive disorder. Darigabat, currently in Phase II, is a drug for treatment-resistant epilepsy and panic disorder.
Under the agreement, AbbVie will acquire all outstanding shares of Cerevel for $45.00 per share in cash. The transaction values Cerevel at a total equity value of approximately $8.7 billion. The Boards of Directors of both companies have approved the transaction. This transaction is expected to close in the middle of 2024, subject to Cerevel shareholder approval, regulatory approvals, and other customary closing conditions.