Value Of AbbVie’s Cerevel Buy Uncertain After Schizophrenia Failure

Phase II Misses Could Benefit BMS’s Cobenfy

With two misses for emraclidine, AbbVie will hope to extract some value from the Cerevel acquisition from the Parkinson’s drug tavapadon, while BMS may get a big lead in the schizophrenia space.

AbbVie exterior
AbbVie's emraclidine failed two Phase II studies in schizophrenia • Source: Alamy

AbbVie and Bristol Myers Squibb grabbed headlines last December with dueling, high-value acquisitions in the neuroscience space, and a pair of Phase II trial misses revealed by AbbVie on 11 November indicate that BMS may have gotten the better deal.

Key Takeaways
  • AbbVie’s emraclidine failed in a pair of Phase II studies of in schizophrenia, placing the value of last year’s $8.7bn Cerevel buyout in question.
  • AbbVie’s bad news may be good news for Bristol and its just-approved schizophrenia drug Cobenfy, which like emraclidine acts on muscarinic receptors

AbbVie’s emraclidine, the main source of value in its $8

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