In its second major buyout in the last week, AbbVie said Wednesday that it reached a deal to acquire Pfizer spinout Cerevel Therapeutics for $45 per share in cash, or roughly $8.7 billion, in a move aimed at bolstering its portfolio of neuroscience treatments. The announcement comes days after AbbVie struck a deal to take over ImmunoGen for $10.1 billion as it looks to expand its pipeline in the face of biosimilar competition for its top seller Humira (adalimumab). "Our existing neuroscience portfolio and our combined pipeline with Cerevel represents a significant growth opportunity well into the next decade," said CEO Richard Gonzalez, adding he believes Cerevel's assets hold "multibillion-dollar sales potential." Beefing up portfolio of psychiatric, neurological drugs
Meanwhile, Cerevel is working on the late-stage asset emraclidine, a positive allosteric modulator (PAM) of the muscarinic M4 receptor, as a potential once-daily antipsychotic for patients with schizophrenia where it has shown "meaningful and statistically significant improvements" on symptom severity in a Phase Ib trial. The company said it is currently completing a pair of mid-stage studies designed to be registration-enabling. Emraclidine is also being evaluated in Phase I in healthy elderly volunteers to support a potential Alzheimer's disease psychosis programme. The respective boards of both AbbVie and Cerevel have approved the transaction, which is expected to close in the middle of 2024. For more on the recent ImmunoGen deal, see Spotlight On: AbbVie buys ImmunoGen for $10.1 billion - The key takeaways.