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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
