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AbbVie Buys Drugmaker Cerevel Therapeutics For $8.7 Billion

U.S. pharmaceutical giant AbbVie (ABBV) is acquiring neuroscience drugmaker Cerevel Therapeutics (CERE) for $8.7 billion U.S.

AbbVie has agreed to pay $45 U.S. for each share of Cerevel and plans to complete the purchase by the middle of 2024.

The acquisition represents the latest effort by AbbVie to expand its prescription drug portfolio as its top-selling arthritis medication, Humira, loses its patent protection.

A week ago, AbbVie agreed to buy cancer drug maker Immunogen for nearly $10 billion U.S.

Cerevel will enhance AbbVie’s psychiatric and neurological disorder medications. AbbVie will also gain access to experimental treatments for schizophrenia and Alzheimer’s disease.

Humira has been one of the top selling medications in the world for over a decade, racking up $21 billion U.S. in sales during 2022 alone. But it now faces competition from generic versions.

AbbVie’s stock has declined 10% in 2023 to trade at $146.38 U.S. per share.

Cerevel Therapeutics’ stock has gained 19% on the year to trade at $36.93 U.S. a share. The stock is up 14% in premarket trading on news of the acquisition.