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Exclusive-AbbVie nears roughly $8 billion deal for drug developer Cerevel-sources

Published 12/06/2023, 04:08 PM
Updated 12/06/2023, 04:16 PM
© Reuters. FILE PHOTO: Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
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By David Carnevali

NEW YORK (Reuters) -AbbVie Inc is nearing an approximately $8 billion deal to acquire Cerevel Therapeutics Holdings Inc, a developer of drugs for neurological conditions such as Parkinson's, people familiar with the matter said on Wednesday.

The acquisition would come just days after AbbVie (NYSE:ABBV) agreed to buy cancer drug developer ImmunoGen (NASDAQ:IMGN) Inc for $10.1 billion in cash, highlighting its appetite to place big bets on promising new medicines.

AbbVie is in talks to pay around $45 per share for Cerevel, which is backed by private equity firm Bain Capital, the sources said.

If the negotiations conclude successfully, a deal could be announced as early as this week, the sources added, requesting anonymity because the matter is confidential.

© Reuters. FILE PHOTO: Test tubes are seen in front of a displayed Abbvie logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

AbbVie and Cerevel did not immediately respond to requests for comment.

Cerevel shares jumped 14% to $42.20 in afterhours trading in New York on Wednesday.

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