AbbVie Inc. continues its shopping spree with yet another Boston-based biotechnology acquisition. The company announced that it will be acquiring Cerevel Therapeutics for approximately $8.7 billion. This transaction follows AbbVie’s acquisition of ImmunoGen Inc. for a total equity value of approximately $10.1 billion, announced on November 30, 2023.
Founded in 2018, Cerevel Therapeutics researches treatments and therapeutics to treat neuroscience diseases. Cerevel Therapeutics has a diversified pipeline comprising five clinical-stage investigational therapies and several preclinical compounds with the potential to treat a range of neuroscience diseases, including schizophrenia, epilepsy, Parkinson’s disease and substance use disorder.
Cerevel went public in July 2020 through a $445 million reverse merger with Arya Sciences Acquisition Corp II, a special purpose acquisition company sponsored by Perceptive Advisors. The company’s cash, cash equivalents and marketable securities as of December 31, 2022, were $950.2 million, compared to $618 million as of December 31, 2021. EBITDA for FY 2022 was a loss of $356 million.
AbbVie is a biopharmaceutical company that discovers, develops, manufactures and sells pharmaceutical products worldwide. The company focuses on several therapeutic areas, including immunology, oncology, neuroscience, eye care, virology and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. According to its full-year 2022 financial results, the company delivered full-year net revenues of $58 billion, and EBITDA of $26.6 billion.
The acquisition, expected to close summer 2024, values each share of Cerevel at $45 cash, a 22% premium over where they closed on December 6, 2023.
According to data captured in the LevinPro HC database, this transaction represents the 148th Biotechnology transaction of the year, as well as AbbVie’s third. Prior to the ImmunoGen announcement, AbbVie also announced its acquisition of Mitokinin, a discovery-stage biotechnology company developing a disease-modifying treatment for Parkinson’s Disease, for $110 million. That transaction was announced in October 2023.
