Teva Pharmaceuticals International GmbH × BioXcel Therapeutics, Inc.
BioXcel Therapeutics filed for Chapter 11 protection and entered into an asset sale agreement with Teva Pharmaceuticals for its neuroscience assets. [13] Teva will act as the 'stalking horse' bidder in a court-supervised auction with an initial bid of $57.5 million upfront, plus up to $67.5 million in contingent milestone payments. [14] The sale is being conducted under Section 363 of the U.S. Bankruptcy Code to maximize value for stakeholders. [13]
The asset
Substantially all of the company's assets, including the IGALMI® (dexmedetomidine) sublingual film product and a related supplemental New Drug Application. [13, 14]
The record
- Seller status
- Chapter 11
- Sector
- Biopharmaceutical
- Modalities
- intellectual_property, clinical_trial_data, regulatory_filings
- Jurisdiction
- US
- Docket
- U.S. Bankruptcy Court for the District of Delaware
What it means if you hold data
This transaction demonstrates how Chapter 11 proceedings can be used to efficiently transfer valuable pharmaceutical assets, including drug IP and regulatory data, from a distressed company to a major industry player. The stalking horse bid structure provides a floor for the asset's value while still allowing for higher offers through an auction.