AbbVie to buy drug developer Cerevel for $8.7 billion (updated)

Cerevel Therapeutics Holdings

06/12/2023 21:42

(Adds details on the deal and background)
       Dec 6 (Reuters) - AbbVie  ABBV.N  said on Wednesday it
would buy Cerevel Therapeutics  CERE.O  for a total equity value
of about $8.7 billion.
    AbbVie would acquire all outstanding shares of Cerevel for
$45 per share in cash, representing a premium of 22% to
Wednesday's close.
        Cerevel is developing drugs for diseases such as
Alzheimer's disease, psychosis, epilepsy, panic disorder and
Parkinson's. One of its lead drugs in clinical trials,
Emraclidine, is aimed for people living with schizophrenia.
    The Cambridge, Massachbussets-based firm was formed in 2018
when Pfizer Inc  PFE.N  carved out its division developing drugs
for the central nervous system into a standalone company backed
by a $350 million investment from Bain. 
    Cerevel listed in the New York stock market in 2020, and
Bain and Pfizer hold stakes of about 36% and 15%, respectively. 

 (Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Maju Samuel)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam;))