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Teva (TEVA) subsidiary agreed to be the stalking-horse bidder for BioXcel Therapeutics' (BTAI) assets in a Chapter 11 auction, offering up to $125M cash plus assumed liabilities.
Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Limited, will serve as the initial bidder for substantially all assets of BioXcel Therapeutics, Inc. and certain affiliates through a court-supervised Chapter 11 auction. The proposed consideration includes $57.5 million in cash at closing and up to $67.5 million in contingent cash consideration, totaling a maximum of $125 million, along with specified assumed liabilities. The portfolio includes IGALMI, the associated BXCL501 program, and other assets. The transaction is subject to bankruptcy-court approval and potential superior offers from competing bidders.
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