BioXcel Therapeutics wins court approval for bankruptcy asset sale to Teva
BTAI•A bankruptcy court approved BioXcel Therapeutics’ asset sale to Teva Pharmaceuticals International, allowing it to close immediately. Teva will pay $57.5 million upfront, subject to adjustments, with additional payments tied to development and commercial milestones.
1. Sale approved
The bankruptcy court cleared BioXcel Therapeutics’ asset sale to Teva Pharmaceuticals International, allowing the transaction to close immediately. The consideration includes a $57.5 million upfront payment, subject to adjustments, and additional payments contingent on development and commercial milestones.
2. Liabilities and assets
Teva will assume specified liabilities, and its obligation for contract cure costs is capped at $2.5 million. The assets will transfer free of liens and claims, except for permitted encumbrances and assumed liabilities.
