Dexmedetomidine Hydrochloride

Teva has agreed to bid up to $125 million for BioXcel Therapeutics' neuroscience assets, including marketed agitation treatment Igalmi (dexmedetomidine), as the struggling biotech enters Chapter 11 bankruptcy. Teva will serve as the stalking-horse bidder in a court-supervised auction for substantially all of BioXcel's assets. Under the agreement, Teva would pay $57.5 million upfront for worldwide rights to the assets, with up to another $67.5 million in contingent payments. The latter includes payments linked to the timing of potential FDA approval for outpatient use of Igalmi, as well as specified sales milestones. The transaction remains subject to bankruptcy court approval. Igalmi was cleared by the FDA in 2022 as an acute treatment for agitation associated with schizophrenia or bipolar disorder in adults. The sublingual film is administered under the supervision of a healthcare provider. Strained finances However, BioXcel said in May it was exploring strategic ⁠options to "advance the commercial and development plans for Igalmi," including a sale, merger or licensing agreement of its assets, among other options. BioXcel listed debts of approximately $104.5 million and assets of $28.8 million in its Chapter 11 petition filed this week with the US Bankruptcy ⁠Court for the District of Delaware. Igalmi's first-quarter revenues reached only $206,000 and the company posted a net loss of $12.7 million, with $17.2 million in cash, cash equivalents and restricted cash as of the end of March. Teva's proposed acquisition also covers BioXcel's pending application seeking approval for potential at-home use of the drug in the same disease areas; a decision is expected by Nov. 16. If US regulators give the all-clear, it could become the first FDA-approved at-home treatment specifically for acute agitation associated with schizophrenia or bipolar disorder. "This opportunity strengthens our neuroscience portfolio and reflects our disciplined approach to pursuing innovative assets with a clear strategic fit…while balancing risk and value creation," said Evan Lippman, EVP of business development at Teva, in a company release. Meanwhile, BioXcel said it has secured a debtor-in-possession financing commitment of $19 million from existing secured lenders to fund operations during the proceedings, while indicating that Igalmi remains commercially available. The content above comes from the network. if any infringement, please contact us to modify.