Cerevel Therapeutics (NASDAQ:CERE) soared 14% in after hours trading on a report that Abbvie (NYSE:ABBV) is nearing an $8 billion acquisition of the developer of drugs for neurological conditions such as Parkinson’s.
Abbvie (ABBV) is in discussions to pay about $45 a share for Cerevel (CERE), according to a Reuters report on Wednesday, which cited people familiar with the matter. If talks conclude succesfully, a deal may be announced as soon as this week.
A $45 price would represent a premium of 22% over Cerevel’s (CERE) closing price on Wednesday. Cerevel shares have risen 17% year-to-date.
Abbvie (ABBV) and Cerevel (CERE) didn’t immediately respond to Reuters requests for comment.
Cerevel (CERE) has short interest of about 11%.
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