Teva named stalking horse bidder to acquire BioXcel's neuroscience assets for $57.5 million

BioXcel Therapeutics, a Connecticut biotech focused on neuroscience, filed for Chapter 11 bankruptcy after running out of cash to fund operations through August.

In the filing, the company selected Teva Pharmaceutical as the stalking horse bidder for its neuroscience portfolio, after Teva completed extensive due diligence.

The deal would let Teva purchase substantially all of BioXcel’s assets for $57.5 million upfront, with additional milestone payments that could raise total consideration to $67.5 million. Teva has already posted a $5.7 million good faith deposit. The assets include BXCL501, an oral thin film formulation of dexmedetomidine that is under FDA review.