About Cerevel Therapeutics
Cerevel Therapeutics is a Cambridge, Massachusetts-based neuroscience company with a pipeline targeting schizophrenia, Parkinson's, epilepsy, and substance use disorders. The firm develops small-molecule therapies emphasizing neurocircuitry and receptor selectivity, including tavapadon in Phase III for Parkinson's and emraclidine in Phase II for schizophrenia. Acquired by AbbVie in 2024 for $8.7 billion, Cerevel operates from facilities in the United States and maintains partnerships with academic centers for translational research.
Founded
2018
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$8.7B (acquired Dec 2023)
Sectors
Cerevel Therapeutics Acquisition
Cerevel Therapeutics was acquired by AbbVie for $8.7B on 6 December 2023.
Before the acquisition Cerevel Therapeutics had raised $350M across 1 funding round.
AbbVie announced on 6 December 2023 a definitive agreement to acquire Cerevel Therapeutics for USD 45.00 per share in cash, a total equity value of approximately USD 8.7 billion. The transaction gave AbbVie Cerevel's clinical-stage and preclinical neuroscience pipeline, including emraclidine for schizophrenia, tavapadon for Parkinson's disease and darigabat for epilepsy and panic disorder. The boards of both companies approved the deal, which closed on 1 August 2024 after Cerevel shareholder and regulatory approvals. AbbVie framed the purchase as complementary to its existing neuroscience portfolio in psychiatric and neurological disorders where significant unmet need remains. Cerevel was created in October 2018 by Bain Capital and Pfizer, with Bain committing USD 350 million and Pfizer contributing a portfolio of neuroscience assets for a 25 per cent stake, and it listed on Nasdaq in 2020 through a merger with ARYA Sciences Acquisition Corp II. The company was headquartered in Cambridge, Massachusetts and was pre-revenue at the time of the acquisition, so no revenue or EBITDA multiple applies.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 6 Dec 2023 | Strategic M&A | $8.7B |
Sources: news.abbvie.com, cnbc.com
Cerevel Therapeutics Funding History
Cerevel Therapeutics has raised a total of $350M across 1 funding round.
Cerevel Therapeutics funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2018 | Undisclosed stage | Bain Capital (lead); Pfizer | $350M | Cerevel Therapeutics was launched in October 2018 as a biopharmaceutical company focused on developing therapies for central nervous system disorders, including Parkinson’s disease, Alzheimer’s disease, epilepsy, schizophrenia, addiction, and neuroinflammation. The company was formed through a partnership between Bain Capital (Private Equity and Life Sciences funds) and Pfizer, with Bain committing $350 million in initial equity funding and the option for additional capital. Pfizer contributed a portfolio of preclinical and clinical-stage neuroscience assets, including three clinical-stage compounds, and received a 25% stake in Cerevel in exchange, while Bain owned 75%. Cerevel's most advanced candidate was set to enter a phase 3 trial for Parkinson’s symptoms, with another preparing for phase 2 in epilepsy. Key executives from Pfizer, such as Morris Birnbaum and Doug Giordano, joined Cerevel’s board, alongside Bain Capital managing directors Adam Koppel and Chris Gordon. The company was headquartered in the Greater Boston area and aimed to build a specialized team in CNS therapeutics. This spinout aligned with Pfizer's strategy to divest neuroscience R&D, similar to prior deals like SpringWorks Therapeutics and Allogene Therapeutics. Principal operations began on September 24, 2018, with an initial $115 million investment from Bain, followed by additional tranches totaling the $350 million commitment. Cerevel positioned itself to capitalize on opportunities in neurology and neuropsychiatry, areas underserved amid industry focus on oncology and immunology. The deal emphasized the potential of Pfizer’s divested assets, with Bain highlighting unique receptor-targeting chemistry for differentiated clinical profiles. |
Who has invested in Cerevel Therapeutics?
2 investors have backed Cerevel Therapeutics across its funding rounds, including Bain Capital and Pfizer.
Lead investors include Bain Capital.
Cerevel Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCerevel Therapeutics Competitors
Cerevel Therapeutics competitors include listed companies like Fosun Pharma, Eisai Co., Protagonist Therapeutics and Krystal Biotech, and private ones like Intas Pharmaceuticals and Biosplice Therapeutics.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $6.3B | $1.4B | $8.7B | 2.3x | ||
| Publicly listed | $5.2B | $529M | $8.7B | 1.5x | ||
| Publicly listed | $46M | ($157M) | $8.6B | 16.0x | ||
| Private | $2B | - | $8.5B | - | ||
| Publicly listed | $389M | $168M | $8.9B | 16.6x | ||
| Private | - | - | $12B | - |
Cerevel Therapeutics Public Comps
Cerevel Therapeutics is no longer listed, but its public comps include Fosun Pharma, Eisai Co., Protagonist Therapeutics, Krystal Biotech, Krka, ImmunityBio, TG Therapeutics, Arrowhead Pharmaceuticals, Lundbeck and Madrigal Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6.3B | $1.4B | 2.4x | 2.3x | 10.4x | 15.6x | |||
| $5.2B | $529M | 1.6x | 1.5x | 16.0x | 13.1x | |||
| $46M | ($157M) | 170.1x | 16.0x | (49.9x) | 32.0x | |||
| $389M | $168M | 20.6x | 16.6x | 47.7x | 32.4x | |||
| $2.3B | $656M | 3.2x | 3.1x | 11.3x | 10.7x | |||
| $113M | ($226M) | 84.8x | 45.7x | (42.5x) | - | |||
| $616M | $134M | 15.2x | 10.3x | 69.7x | 43.7x | |||
| $829M | $128M | 9.2x | 16.9x | 59.6x | (17.4x) | |||
This data is available for Pro users. Sign up to see all Cerevel Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cerevel Therapeutics
| When was Cerevel Therapeutics founded? | Cerevel Therapeutics was founded in 2018. |
| Where is Cerevel Therapeutics headquartered? | Cerevel Therapeutics is headquartered in Boston, MA, United States. |
| Is Cerevel Therapeutics publicly listed? | No, Cerevel Therapeutics was acquired by AbbVie in December 2023. |
| Who acquired Cerevel Therapeutics? | Cerevel Therapeutics was acquired by AbbVie in December 2023. |
| How much was Cerevel Therapeutics acquired for? | Cerevel Therapeutics was acquired for $8.7B in December 2023. |
| How much funding has Cerevel Therapeutics raised? | Cerevel Therapeutics has raised $350M across 1 funding round. |
| What was Cerevel Therapeutics' last funding round? | Cerevel Therapeutics' last funding round was a $350M undisclosed-stage round in October 2018, led by Bain Capital. |
| Who are Cerevel Therapeutics' investors? | Cerevel Therapeutics' investors include Bain Capital and Pfizer. |
| Which companies are comparable to Cerevel Therapeutics? | Companies comparable to Cerevel Therapeutics include Fosun Pharma, Eisai Co., Protagonist Therapeutics, Intas Pharmaceuticals, Krystal Biotech and Biosplice Therapeutics. |
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