Cerevel Therapeutics (NASDAQ:CERE) experienced fluctuations in its stock price due to an announcement from the Federal Trade Commission (FTC) about an upcoming meeting. Initially, Cerevel’s shares fell by 0.6%, but later increased by 0.7%.
Here are the key points:
- FTC Meeting Announcement: The FTC announced a closed-door meeting for next Thursday at 12:30 pm to discuss a confidential law enforcement matter. This information was posted on the FTC’s website.
- Investor Concerns: Some investors are worried that the meeting might be about AbbVie’s (ABBV) $8.7 billion plan to acquire Cerevel. While these meetings can involve public companies, they often concern private firms.
- Recent FTC Actions: This announcement comes shortly after Politico reported that the FTC plans to sue Southern Glazer’s Wine and Spirits, a major U.S. alcohol distributor, over alleged pricing and selling practices.
- Reassurance from AbbVie: AbbVie tried to calm Cerevel investors by stating at a Goldman Sachs healthcare conference that they are making good progress with the FTC. AbbVie’s COO, Robert Michael, expressed confidence that the deal would be completed by mid-year.
- Background on the Deal: In February, Cerevel and AbbVie revealed they had received additional information requests from the FTC about their planned deal. AbbVie initially announced its plan to buy Cerevel in early December for $45 per share, totaling about $8.7 billion in cash.
About Abbvie
AbbVie, a leading global biopharmaceutical company, is dedicated to developing groundbreaking medicines and products. Their primary focus is ensuring the safety, efficacy, and accessibility of these treatments for all in need. Here are some key points to explore:
- Diverse Product Range: AbbVie offers an extensive array of products spanning various therapeutic areas, addressing over 60 different conditions across different life stages. Their portfolio caters to a wide range of medical needs, from chronic illnesses to acute ailments.
- Patient Support Initiatives: Recognizing the significance of patient assistance, AbbVie has implemented programs to aid prescribed individuals in optimizing their treatment outcomes. These initiatives provide valuable disease education and access resources, ensuring patients receive optimal care.
- Emphasis on Product Quality and Safety: AbbVie’s commitment to excellence extends to ensuring the utmost quality and safety of their medicines and products. They understand that the transformative potential of these treatments can only be realized when they are safe, effective, and readily available to those who depend on them.
AbbVie’s mission revolves around translating possibilities into tangible benefits for individuals and patients worldwide. With a workforce of approximately 50,000 dedicated employees, AbbVie strives to make a positive impact on global health.
About Cerevel Therapeutics
Cerevel Therapeutics is a neuroscience company dedicated to unraveling the mysteries of the brain and treating neurological diseases. Here are some key points about Cerevel:
- Tavapadon for Parkinson’s Disease:
- Cerevel announced positive results from its pivotal Phase 3 TEMPO-3 trial for tavapadon.
- Tavapadon is the first and only D1/D5 receptor partial agonist being studied as a once-daily treatment for Parkinson’s disease.
- In the trial, tavapadon demonstrated a statistically significant increase in total “on” time without troublesome dyskinesia compared to placebo over 27 weeks.
- Additional data from the trial will be presented at a future medical meeting, and results from the tavapadon Phase 3 monotherapy trials (TEMPO-1 and TEMPO-2) are expected in the second half of 2024.
- Business Combination and Public Listing:
- In October 2020, Cerevel completed its business combination with Arya Sciences Acquisition Corp II, becoming a publicly traded neuroscience company.
- Pipeline and Therapies:
- Cerevel has a diversified pipeline with five clinical-stage investigational therapies and several pre-clinical compounds.
- These therapies have the potential to treat various neuroscience diseases, including Parkinson’s, epilepsy, schizophrenia, and substance use disorder.
Summary
