Bain Capital-Backed Cerevel Therapeutics in $8bn Acquisition Talks with AbbVie

Dec 7, 2023 | News | 0 comments

AbbVie Inc (ABBV.N) is nearing an approximately $8bn deal to acquire Cerevel Therapeutics Holdings Inc (CERE.O), a developer of drugs for neurological conditions such as Parkinson’s, people familiar with the matter said on Wednesday.

The acquisition would come just days after AbbVie agreed to buy cancer drug developer ImmunoGen Inc (IMGN.O) for $10.1bn in cash, highlighting its appetite to place big bets on promising new medicines.

AbbVie is in talks to pay around $45 per share for Cerevel, which is backed by private equity firm Bain Capital, the sources said.

If the negotiations conclude successfully, a deal could be announced as early as this week, the sources added, requesting anonymity because the matter is confidential.

AbbVie and Cerevel did not immediately respond to requests for comment.

Cerevel shares jumped 14% to $42.20 in afterhours trading in New York on Wednesday.

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Cerevel is a clinical-stage biopharmaceutical company developing a pipeline of neuroscience therapies for a range of conditions, including Parkinson’s disease, Alzheimer’s disease, psychosis, epilepsy, and panic disorder. The company is backed by private equity firm Bain Capital, which acquired Cerevel in 2019 for $1.7bn.

AbbVie Inc. is a global biopharmaceutical company headquartered in North Chicago, Illinois. It is ranked 6th on the list of largest biomedical companies by revenue. The company’s primary product is Humira, a monoclonal antibody used to treat autoimmune diseases such as rheumatoid arthritis, psoriasis, and Crohn’s disease. Humira is the world’s best-selling drug, with over $20bn in annual sales.

In addition to Humira, AbbVie also has a portfolio of other innovative medicines, including Imbruvica, a treatment for chronic lymphocytic leukemia, and Skyrizi, a treatment for psoriasis. The company is also a leader in research and development, with a pipeline of promising new drugs in clinical development.

Source: Reuters

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