Cerevel Therapeutics Acquisition, Valuation, Funding & Investors

Cerevel Therapeutics was acquired by AbbVie for $8.7B in December 2023.

Cerevel Therapeutics acquisition price

$8.7B

Acquired by AbbVie · Dec 2023

Cumulative funding Cerevel Therapeutics raised

$350M

across 1 funding round

Key investors in Cerevel Therapeutics

Cerevel Therapeutics Overview

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

United StatesBoston, MA

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Valuation

$8.7B (acquired Dec 2023)

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.

Cerevel Therapeutics acquisition details
AcquirerDateTypePrice
6 Dec 2023Strategic 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

Cerevel Therapeutics funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2018Undisclosed stageBain Capital (lead); Pfizer$350MCerevel 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

Investors in Cerevel Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Cerevel 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.

Public and private companies comparable to Cerevel Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Fosun PharmaChinaChinaPublicly listed$6.3B$1.4B$8.7B2.3x
Eisai Co.JapanJapanPublicly listed$5.2B$529M$8.7B1.5x
Protagonist TherapeuticsUnited StatesUnited StatesPublicly listed$46M($157M)$8.6B16.0x
Intas PharmaceuticalsIndiaAhmedabadPrivate$2B-$8.5B-
Krystal BiotechUnited StatesUnited StatesPublicly listed$389M$168M$8.9B16.6x
Biosplice TherapeuticsUnited StatesSan Diego, CAPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fosun Pharma$6.3B$1.4B2.4x2.3x10.4x15.6x
Eisai Co.$5.2B$529M1.6x1.5x16.0x13.1x
Protagonist Therapeutics$46M($157M)170.1x16.0x(49.9x)32.0x
Krystal Biotech$389M$168M20.6x16.6x47.7x32.4x
Krka$2.3B$656M3.2x3.1x11.3x10.7x
ImmunityBio$113M($226M)84.8x45.7x(42.5x)-
TG Therapeutics$616M$134M15.2x10.3x69.7x43.7x
Arrowhead Pharmaceuticals$829M$128M9.2x16.9x59.6x(17.4x)

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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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