Kirkland Advises AbbVie on $8.7 Billion Acquisition of Cerevel Therapeutics
Kirkland & Ellis is advising pharmaceutical company AbbVie Inc. (NYSE: ABBV) on the proposed $8.7 billion acquisition of neuroscience drug company Cerevel Therapeutics (NYSE: CERE). The transaction, which was announced December 6, 2023, will strengthen AbbVie’s neuroscience pipeline with the addition of Cerevel’s clinical-stage and preclinical therapeutic candidates with potential across several diseases, including schizophrenia, Parkinson’s disease and mood disorders. AbbVie is purchasing all the outstanding shares of Cerevel for $45 per share in cash. The boards of directors of both companies have approved the deal, which is expected to close in the middle of 2024 subject to Cerevel shareholder approval, regulatory approvals and other customary closing conditions.
The Kirkland team includes corporate partners Eric Schiele, Carlo Zenkner and Jimin He; capital markets partners Rachel Sheridan and Zoey Hitzert; debt finance partner Yuli Wang; executive compensation partners Scott Price and Jack Stratton; employment & labor partner Risa Salins; employee benefits partner Maureen O’Brien; healthcare regulatory partners Dennis Williams and Kate Hardey; technology & IP transaction partners Adam Petravicius and Matt Darch and international trade & national security partner Luci Hague.
