Abbvie to focus on smaller deals after Cerevel and ImmunoGen buyout (updated)

ImmunoGen

07/12/2023 15:02

(Adds details in paragraphs 2 and 4)
       Dec 7 (Reuters) - U.S. drugmaker Abbvie  ABBV.N  said on
Thursday it does not expect any transactions similar to its $8.7
billion buyout of Cerevel Therapeutics  CERE.O  in the
foreseeable future and would instead focus on smaller deals to
support its growth.
    Abbvie is looking at deals in a bid to replace revenue as
its blockbuster arthritis drug Humira faces a raft of new
competition.
    Abbvie's deal to buy Cerevel is its second large deal in the
past week, after it agreed to buy cancer drug developer
ImmunoGen  IMGN.O  for $10.1 billion in cash.
    With the two deals, Abbvie said it expects to return to
"robust growth" in 2025.
    
    
   

 (Reporting by Bhanvi Satija and Khushi Mandowara in Bengaluru;
Editing by Krishna Chandra Eluri)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))