Cerevel Therapeutics (AbbVie)
Clinical-stage neuroscience biotech acquired by AbbVie for ~$8.7 billion in 2024
AbbVie Press Release – AbbVie Completes Acquisition of Cerevel TherapeuticsCerevel Therapeutics was a clinical-stage biotechnology company based in Cambridge, Massachusetts, focused on discovering and developing therapies for neuroscience diseases including schizophrenia, Parkinson's disease, and mood disorders. Founded in October 2018 through a collaboration between Pfizer and Bain Capital, the company went public in 2020 via a SPAC merger, raising $445 million in what was then the third-largest biotech public listing.
Cerevel's pipeline centered on small-molecule modulators targeting G-protein coupled receptors (GPCRs) in the brain. Its two lead assets were emraclidine, a muscarinic M4 positive allosteric modulator for schizophrenia, and tavapadon, a first-in-class dopamine D1/D5 selective partial agonist for Parkinson's disease. Tavapadon met its primary endpoint in Phase 3 trials, with AbbVie planning an FDA submission, while emraclidine failed its mid-stage EMPOWER trials, prompting a $3.5 billion impairment charge.
AbbVie completed its acquisition of Cerevel on August 1, 2024, at $45 per share for a total equity value of approximately $8.7 billion. The acquisition was framed as a strategic move to strengthen AbbVie's neuroscience foundation and long-term pipeline, with multiple additional clinical-stage and preclinical candidates included beyond the two lead programs.