AbbVie to acquire Cerevel Therapeutics for $8.7bn to expand neuroscience research
AbbVie Inc. (NYSE: ABBV) and Cerevel Therapeutics (NASDAQ: CERE) have announced a definitive agreement in which AbbVie will acquire Cerevel Therapeutics. The transaction, valued at approximately $8.7 billion, is a strategic move that enhances AbbVie’s neuroscience portfolio by adding a robust pipeline of multiple clinical-stage and preclinical candidates. These candidates hold potential across several diseases, including schizophrenia, Parkinson’s disease (PD), and mood disorders.
Enhancing Neuroscience Portfolio
The acquisition complements AbbVie’s existing neuroscience offerings, introducing potentially best-in-class assets that aim to transform standards of care across psychiatric and neurological disorders. Patients with such conditions continue to face significant unmet needs, and this merger represents a concerted effort to address these challenges.
Transaction Details
Under the terms of the transaction, AbbVie will acquire all outstanding shares of Cerevel for $45 per share in cash. Both companies’ boards of directors have approved the transaction, expected to close in mid-2024, subject to Cerevel shareholder approval, regulatory approvals, and other customary closing conditions.
Strategic Merger: AbbVie and Cerevel Therapeutics to Join Forces in Neurological Disorder Treatments. Photo courtesy of AbbVie Inc.
A Growth Opportunity for AbbVie
Richard A. Gonzalez, chairman and CEO of AbbVie, stated that the combined neuroscience pipeline represents a significant growth opportunity well into the next decade. AbbVie plans to leverage its commercial capabilities and regulatory expertise to deliver substantial shareholder value, with multibillion-dollar sales potential across Cerevel’s portfolio.
Cerevel’s Commitment to Neuroscience Innovation
Ron Renaud, president and CEO of Cerevel Therapeutics, emphasized the company’s dedication to transforming neuroscience. The partnership with AbbVie, known for its global expertise in medicine development and commercialization, positions Cerevel’s novel therapies to reach a broader audience of patients with neuroscience diseases.
Promising Assets in Cerevel’s Pipeline
Cerevel’s late-stage asset, emraclidine, shows potential as a next-generation antipsychotic for schizophrenia treatment. In addition to emraclidine, Cerevel has multiple assets in clinical development, including Tavapadon for Parkinson’s disease management and CVL-354 for major depressive disorder (MDD), complementing AbbVie’s priority areas within neuroscience.
Impact on the Pharmaceutical Industry
This acquisition marks a significant milestone in the pharmaceutical industry, particularly in neuroscience research. The combined resources and expertise of AbbVie and Cerevel are expected to accelerate the development of innovative treatments for psychiatric and neurological disorders, addressing the needs of millions of patients globally.