AbbVie buys neuroscience drug developer Cerevel Therapeutics for $8.7 billion
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American pharmaceutical company AbbVie announced on the purchase of neurological drug developer Cerevel Therapeutics. AbbVie will pay $45 for each share of Cerevel Therapeutics, thus valuing the developer at $8.7 billion. The deal is expected to be completed in mid-2024.
The acquisition of Cerevel Therapeutics will add to AbbVie’s development portfolio at a time when the company is expecting declining revenue from one of the world’s most sought-after drugs, adalimumab (trade name Humira), used to treat various types of arthritis, spondylitis, Crohn’s disease, ulcerative colitis, psoriasis and a number of other diseases. AbbVie’s patent on it has expired, the American market is being filled with cheaper generics, and analogs of Humira appeared on the European market even earlier. And if in 2022 Humira sales exceeded $21 billion, then by the end of this year they, according to AbbVie estimates, will not reach $9 billion.
Cerevel Therapeutics’ portfolio includes several developments that are in preclinical testing and five drugs that have undergone clinical trials for the treatment of psychiatric and neurological disorders such as schizophrenia, Alzheimer’s disease psychosis, epilepsy, panic disorder, and Parkinson’s disease.
This is AbbVie’s second major purchase in recent weeks. At the end of November, the company announced the purchase of biotechnology company ImmunoGen, which develops drugs for the treatment of cancer, for $10.1 billion. On news of the new deal, AbbVie shares rise 1.25% on the New York Stock Exchange. Shares of Cerevel Therapeutics on the NASDAQ stock exchange have gained almost 42% since December 4, when rumors about an upcoming deal began to circulate.
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