M&A · Healthcare · Pharmaceutical Preparations
AbbVie Inc. to acquire Cerevel Therapeutics Holdings, Inc.
Announced Dec 6, 2023 · Closed Aug 1, 2024
Deal value$8.70BEV $8.92B
Premium73.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$45.00 per share
Transaction
- Acquirer
- AbbVie Inc. (ABBV)
- Target
- Cerevel Therapeutics Holdings, Inc.
- Buyer type
- Strategic
- Offer price per share
- $45.00
- Enterprise value
- $8.92B
- Status
- Closed Aug 1, 2024
Deal protections
- Break fee (target pays)
- $283M · 3.3%
- Reverse fee (buyer pays)
- $653M · 7.5%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Morgan Stanley
- To the target
- Centerview
- Centerview fee
- $80.0M
Sector context · Healthcare
- Comparable deals
- 97 in the prior 24 months
- Premium
- 73.0% vs. 52.0% sector median
- EV / Adj. EBITDA
- Sector median 17.1x
- Break fee
- 3.3% vs. 3.5% sector median
Timeline
- AnnouncedDec 6, 2023
- Proxy filedJan 5, 2024
- Definitive proxyJan 18, 2024
- Shareholder voteFeb 16, 2024
- ClosedAug 1, 2024
Valuation · fairness opinions
Discounted cash flow$35.20$43.45
Analyst price targets$24.00$42.00
Premiums paid$40.30$46.80
Premiums paid$45.45$52.75
Offer $45.00
Implied value per Cerevel Therapeutics Holdings, Inc. share by analysis, from Centerview · DCF discount rate 12%–14%.