Cerevel Therapeutics Holdings, a developer of drugs for neurological conditions such as Parkinson’s, is to be acquired by AbbVie Inc in a deal worth around $8.7bn, with Bain Capital, as the company’s largest shareholder, set to make a tenfold return on its initial investment.
According to regulatory filings, Boston-based Bain committed $350m in 2018 to carve Cambridge, Massachusetts-based Cerevel out of Pfizer Inc, but only $250m of that was drawn. The AbbVie deal, which will see shareholders receive $45 per share for their holdings, now values Bain’s 36.5% stake in Cerevel at $2.7bn.
The deal comes just days after AbbVie agreed to spend $10.1bn in cash to acquire cancer drug developer Immunogenicity Inc.
The boards of directors of both companies have approved the transaction, which is expected to close in the middle of 2024, subject to Cerevel shareholder approval, regulatory approvals, and other customary closing conditions.