BioXcel Therapeutics Enters Into Asset Sale Agreement With Teva Pharmaceuticals - BTAI News | RalliesBioXcel Therapeutics Enters Into Asset Sale Agreement With Teva Pharmaceuticals
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BTAI• IGALMI and financing
- BioXcel Therapeutics said IGALMI remains commercially available, and supply will continue during the sale process.
- The company said it secured $19 million in DIP financing from existing secured lenders.
- BioXcel Therapeutics also said it secured commitment for debtor-in-possession financing.
Assets included in the sale
- The asset sale includes IGALMI and the pending SNDA for BXCL501 for at-home use.
Asset sale agreement and Chapter 11 filing
- BioXcel Therapeutics Inc. entered into an asset sale agreement with Teva Pharmaceuticals.
- BioXcel Therapeutics said Teva will serve as stalking horse bidder in a 363 auction process.
- The company also said it has commenced voluntary Chapter 11 proceedings in U.S. Bankruptcy Court.
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