Cerevel Therapeutics Holdings Inc CERE shares are trading higher in Wednesday's after-hours session after AbbVie Inc. ABBV announced it will acquire the company for a total equity value of approximately $8.7 billion.
What To Know: The definitive agreement, under which AbbVie will acquire Cerevel Therapeutics, was announced after the close of the market on Wednesday. AbbVie will acquire all outstanding shares of Cerevel for $45 per share in cash, with the transaction anticipated to close in the middle of 2024.
AbbVie chairman and CEO Richard A. Gonzalez noted how the acquisition benefits the company's neuroscience portfolio, saying, "Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade."
"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."
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CERE Price Action: Shares of CERE were up 15.62% at $42.70 in the after-hours session at the time of publication, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay
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