AbbVie enters agreement to acquire Cerevel Therapeutics
AbbVie Inc . (NYSE:ABBV) announced Wednesday, alongside Cerevel Therapeutics (CERE), that the two have entered into a definitive agreement for AbbVie to acquire Cerevel, as well as its robust neuroscience pipeline of multiple clinical-stage and preclinical candidates.
The acquisition enhances AbbVie's neuroscience lineup by introducing a diverse array of potentially superior assets. Assets with the potential to revolutionize treatment standards for psychiatric and neurological disorders, addressing crucial unmet needs among patients.
«Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade,» said AbbVie CEO, Richard Gonzalez.
According to the agreement, AbbVie is set to purchase all of Cerevel's outstanding shares at $45.00 per share in cash. This acquisition places Cerevel's total equity value at around $8.7 billion.
The boards of directors of both entities have endorsed the deal. It is anticipated to conclude by mid-2024 pending approval from Cerevel's shareholders, regulatory clearances, and meeting other standard closing prerequisites.
«Cerevel has always been committed to transforming what is possible in neuroscience. With AbbVie's long-standing expertise in developing and commercializing medicines on a global scale, Cerevel's novel therapies will be well positioned to reach more people living with neuroscience diseases,» said Cerevel Therapeutics CEO, Ron Renaud.
Shares of ABBV closed trading on Wednesday up 1.25%.
Shares of CERE closed trading up 3.77% before jumping 15.73% after market.
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