Pfizer, Bain Must Litigate Cerevel Investors’ AbbVie Deal Suit

Pfizer Inc. and Bain Capital Investors LLC must defend against allegations they had power and influence over Cerevel Therapeutics Inc. while the biotech company misrepresented the timeline of AbbVie Inc.‘s acquisition interest to investors.

Cerevel investors leading the case sufficiently alleged Bain bought millions of shares in an October 2023 offering knowing AbbVie had conducted due diligence into Cerevel, Cerevel was awaiting a term sheet, and Cerevel had begun preparing for an acquisition, Judge Gregory B. Williams said Monday.

Bain and Pfizer’s combined 51.6% Cerevel stock ownership and board member appointments kept control-person liability claims against them afloat. But ...