Gabelli Funds Portfolio Manager Jeff Jonas in Reuters

AbbVie’s $8.7 bln bet on Cerevel is risky but smart, analysts say

AbbVie’s (ABBV.N) decision to buy Cerevel Therapeutics (CERE.O) before key data on the drug developer’s experimental schizophrenia treatment may have helped it avoid a potential bidding war but comes with several risks, analysts said.

North Chicago, Illinois-based AbbVie said late Wednesday it would buy Cerevel for $8.7 billion, gaining a portfolio of drugs being tested for a range of neurological conditions, including emraclidine for schizophrenia.