DealsOct 30, 2026, 05:21 PM
BioXcel Sells Neuroscience Assets to Teva for $57.5M
AI Summary
BioXcel Therapeutics, Inc. has completed the sale of substantially all of its neuroscience assets, including IGALMI® (dexmedetomidine) and BXCL501, to Teva Pharmaceuticals International GmbH for an upfront cash payment of $57.5 million. The company may also receive significant milestone payments based on the development and commercial success of IGALMI® for at-home use. Assets not included in the sale are BXCL701 and BXCL702. In connection with the sale and the wind-down of the company's affairs, the CEO and President, Vimal Mehta, Ph.D., and Senior Vice President Richard Steinhart have been terminated.
Key Highlights
- BioXcel Therapeutics completed the sale of substantially all of its neuroscience assets to Teva Pharmaceuticals for $57.5 million in upfront cash.
- The sale includes rights to IGALMI® (dexmedetomidine) and BXCL501, related intellectual property, and certain regulatory filings.
- BioXcel Therapeutics may receive up to $67.5 million in development milestone payments and up to $20.0 million in commercial milestone payments.
- Assets not included in the sale are BXCL701 and BXCL702, which were retained by BioXcel Therapeutics.
- The company's CEO and President, Vimal Mehta, Ph.D., and Senior Vice President Richard Steinhart were terminated in connection with the sale and wind-down.
Price Impact
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