Teva Submits $125 Million Bid for BioXcel Assets Amid Bankruptcy
Teva Pharmaceutical Industries (NYSE:TEVA) has submitted a bid of up to $125 million as the stalking-horse bidder for substantially all assets of bankrupt biotech firm BioXcel Therapeutics (NASDAQ:BTAI). The deal includes an upfront payment of $57.5 million and potential milestone payments totaling up to $67.5 million, contingent on regulatory approvals and other conditions. Teva will set the baseline bid in a court-supervised auction process under Chapter 11 bankruptcy proceedings. BioXcel filed for bankruptcy protection on August 27 after exhausting its cash reserves and failing to secure long-term financing. The company secured $19 million in debtor-in-possession funding from existing lenders, but shares plummeted by over 70% following the filing. Teva's interest is primarily in BioXcel’s neuroscience portfolio, including approved drug Igalmi and a pending FDA label expansion for BXCL501. The acquisition aligns with Teva’s broader strategy to strengthen its neuroscience offerings through strategic business development. The company recently acquired Emalex Biosciences earlier this year as part of the same initiative.
Topics: Acquisition Bankruptcy FDA Pharmaceuticals