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AbbVie buying Cambridge biotech Cerevel for $8.7 billion

AbbVie said Wednesday it has agreed to buy the Cambridge neuroscience biotech Cerevel Therapeutics for about $8.7 billion.Nam Y. Huh/Associated Press

AbbVie said Wednesday it has agreed to buy the Cambridge neuroscience biotech Cerevel Therapeutics for about $8.7 billion, less than a week after the Illinois-based pharmaceutical giant announced a deal to acquire ImmunoGen, a Waltham cancer drug maker, for more than $10 billion.

Under the terms of the latest deal, AbbVie will acquire all outstanding shares of Cerevel for $45 per share. The boards of directors of both companies have approved the transaction, which is expected to close in the middle of 2024.

AbbVie, which is headquartered in North Chicago, said it was eager to obtain Cerevel’s robust neuroscience pipeline of drug candidates for multiple diseases, including schizophrenia, Parkinson’s disease, and mood disorders.

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“Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade,” said Richard A. Gonzalez, AbbVie’s chairman and chief executive.

Ron Renaud, president and chief executive of Cerevel, said, “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.”

One of Cerevel’s late-stage drug candidates, called emraclidine, has shown promise in treating schizophrenia, according to the two companies.

Last Thursday, AbbVie announced the deal to buy ImmunoGen in the largest acquisition of a Massachusetts company this year.





Jonathan Saltzman can be reached at jonathan.saltzman@globe.com.