Teva bids $57.5 million for BioXcel product
Israel-based Teva Pharmaceutical Industries (NYSE: and TASE: TEVA) German subsidiary today announced a bid to acquire an innovative neuroscience product from BioXcel Therapeutics (Nasdaq:BTAI), through a court-supervised sale process, sending the latter’s shares plummeting 66% to $0.24 in pre-market activity.
The novel dexmedetomidine sublingual film is under US Food and Drug Administration (FDA) review for potential at-home use for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. If approved, it could become the first FDA-approved at-home treatment for this condition. If the transaction is completed, the asset would expand Teva’s psychiatry portfolio and, pending FDA approval, could help address a meaningful unmet need for people living with complex mental health conditions.
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