BioXcel Therapeutics Agrees To Teva Asset Sale

(RTTNews) - BioXcel Therapeutics Inc. (BTAI) on Friday entered into an agreement to sell substantially all of its assets to Teva Pharmaceuticals International GmbH (TEVA.TA) and filed for voluntary Chapter 11 bankruptcy.

The deal includes IGALMI (dexmedetomidine) sublingual film and the pending application for BXCL501 for potential at-home use.

The company plans to sell its assets to the highest or best bidder to maximize value for stakeholders.

The company also secured a commitment for $19 million in debtor-in-possession financing from existing lenders, subject to court approval, to fund operations and the bankruptcy process.

IGALMI will remain available to patients during the proceedings.

The FDA's target action date for the BXCL501 application is November 14.

In the pre-market trading, BioXcel Therapeutics is 46.30% lesser at $0.3861 on the Nasdaq.