Making two M&A transactions with combined valuation of nearly $19bn in the past week, AbbVie Inc. appears to be done with large acquisitions for the time being, a sentiment CEO and chairman Rick Gonzalez expressed during a 7 December call to outline the company’s $8.7bn bid for neurology-focused Cerevel Therapeutics Holdings, Inc. the day before. The two deals are a key component of AbbVie’s strategy to return to growth following the impact of the Humira (adalimumab) patent expiration.
Key Takeaways
-
With an $8.7bn bid for Cerevel, AbbVie is betting that emraclidine and other pipeline assets can grow its neurology portfolio beyond Vraylar and Botox.
-
CEO Rick Gonzalez indicated that AbbVie is finished with significant M&A activity for the time being with the Cerevel deal closely following the recent $10.1bn acquisition of ImmunoGen
The deal arrived six days after AbbVie’s $10.1bn acquisition of ImmunoGen, Inc., a transaction intended to boost its prospects in cancer, particularly the antibody-drug conjugate space. (Also see "AbbVie Spends $10bn On ImmunoGen To Improve Chances In ADC Space" - Scrip, 30 November, 2023
Read the full article – start your free trial today!
Join thousands of industry professionals who rely on Scrip for daily insights
- Start your 7-day free trial
- Explore trusted news, analysis, and insights
- Access comprehensive global coverage
- Enjoy instant access – no credit card required
Already a subscriber?