iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Treasury Wine Estates Shares Plunge on Earnings Warning Amid U.S. and China Weakness 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Nvidia Weighs Expanding H200 AI Chip Production as China Demand Surges 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
United Airlines Tokyo-Bound Flight Returns to Dulles After Engine Failure 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Coca-Cola’s Proposed Sale of Costa Coffee Faces Uncertainty Amid Price Dispute 
AbbVie pharmaceutical company announced on Wednesday, Dec. 6, that it will buy Cerevel Therapeutics. This deal is the company's latest attempt to expand its drug pipeline, as its best-selling treatments are currently facing generic competition.
Share Prices Soar with the Buyout Deal
According to CNBC, the share prices of Cerevel Therapeutics shot up to 16% at the close on Wednesday. This is equivalent to almost $43 per share, just a little below the purchase price of over $8 billion.
On the other hand, AbbVie's were said to have slightly gone down by less than 1% in the extended trading. These changes in the share prices show that the acquisition negotiations between the companies have a slight effect on their value.
Agreed Terms of the Deal
AbbVie said that under the agreed terms of the transaction, it will buy all the outstanding shares of Cerevel Therapeutics for the price of $45.00 per share, which will be paid in cash. The deal values the neuroscience drugmaker at about $8.7 billion.
It was mentioned that the companies' respective boards of directors have already greenlighted the deal. This transaction is expected to be completed by mid-2024, subject to regulatory approvals, Cerevel shareholders' approval, and other customary closing conditions.
"Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade," AbbVie's chairman and chief executive officer, Richard A. Gonzalez, said in a press release. "AbbVie will leverage its deep commercial capabilities, international infrastructure, and regulatory and clinical expertise to deliver substantial shareholder value with multibillion-dollar sales potential across Cerevel's portfolio of assets."
Ron Renaud, Crevel Therapeutics' president and chief executive officer, commented, "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."
Photo by: Abbvie Media Resources
