AbbVie (ABBV) announced it is acquiring neuroscience drug developer Cerevel Therapeutics (CERE) for $45.00 per share, putting the deal value at about $8.7 billion. AbbVie Chairman and CEO Richard Gonzalez said in the announcement that the combined portfolios will present a "significant growth opportunity well into the next decade." The deal comes about a week after AbbVie announced it was acquiring cancer drugmaker ImmunoGen (IMGN) for just over $10 billion. Yahoo Finance Healthcare Reporter Anjalee Khemlani breaks down the deal. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
"I would not anticipate similar sized transactions for the foreseeable future," said AbbVie's Chief Operating Officer Robert Michael on a conference call, referring to the company's $8.7 billion buyout of Cerevel Therapeutics announced on Wednesday. AbbVie said it expects to return to "robust growth" in 2025, after its recent buying spree.
Leading healthcare company AbbVie (NYSE: ABBV) appears to be hungry for deals to help it diversify its revenue streams. One example of this came in 2020 when it closed on a massive $63 billion acquisition of Botox maker Allergan. To further diversify its operations, the company recently announced another acquisition.