ABBV - AbbVie's on an Acquisition Binge. Could Your Favorite Biotech Stock Be Next?
2023-12-08 05:38:00 ET
These days, it seems like biotech buyout offers are falling from the sky. During the week ended Dec. 6, AbbVie (NYSE: ABBV) announced not one but two big acquisitions.
The pharma giant's latest big buyout offer is for Cerevel Therapeutics (NASDAQ: CERE) , a clinical-stage company developing treatments for schizophrenia and other neurological conditions. Despite not having any approved products to sell yet, AbbVie offered Cerevel $8.7 billion in cash, or $45 per share.
AbbVie's offer came in about 22% above Cerevel's stock price when the market closed on Dec. 6 and 73% more than its closing price on Dec. 1.
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AbbVie's on an Acquisition Binge. Could Your Favorite Biotech Stock Be Next?