Cerevel Therapeutics gains as investors appear more confident on FTC approval for AbbVie
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Cerevel Therapeutics (NASDAQ:CERE) rose 1.2% as investors appeared to be gaining confidence that the Federal Trade Commission will approve its planned sale to AbbVie (NYSE:ABBV).
The deal spread narrowed to its lowest since the $8.7 billion acquisition of Cerevel (CERE) was announced earlier in December as one sell-side broker appeared to be more optimistic that the antitrust regulator wouldn’t move to block the combination, traders told Seeking Alpha on Monday.
Today’s gain follows after Cerevel (CERE) rose 8% last week, even after a report from CTFN earlier this month that the staff of the FTC’s Mergers 1 section was said to be apparently considering a recommendation to block the deal.
There was also a Capitol Forum report last month that AbbVie (ABBV) and Cerevel (CERE) were gaining confidence about the FTC clearing the deal.
Cerevel (CERE) and AbbVie disclosed in February that they received second requests from the FTC for additional information regarding their planned deal.