Teva Acquires Worldwide Rights to BXCL501 for $57.5 Million Upfront
Teva completed the asset acquisition, securing worldwide rights to BXCL501. The deal includes up to $67.5 million in potential contingent payments and received U.S. Bankruptcy Court approval.
Teva Pharmaceutical Industries Ltd. announced the completion of an asset acquisition from BioXcel Therapeutics, securing worldwide rights to BXCL501. The transaction includes an upfront payment of $57.5 million and up to $67.5 million in potential contingent payments. BXCL501 is an investigational dexmedetomidine sublingual film currently under FDA review for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults.
Teva stated that the acquisition aligns with its 'Pivot to Growth' strategy by adding a late-stage neuroscience asset to its portfolio. The deal received approval from the U.S. Bankruptcy Court and satisfied all necessary closing conditions.