Teva Pharmaceutical Industries Ltd. submitted a stalking horse bid to acquire a neuroscience asset from BioXcel Therapeutics through a bankruptcy sale. The product is a novel sublingual film for the acute at-home treatment of agitation in schizophrenia or bipolar patients. This treatment is currently under FDA review.
The proposed transaction includes a $57.5 million upfront payment. Teva may pay an additional $67.5 million based on FDA approval timing and sales milestones.
The deal supports Teva’s Pivot to Growth strategy by adding a potentially first-in-class treatment to its psychiatry portfolio. The acquisition is subject to bankruptcy court approval and could face higher competing bids.