BioXcel Therapeutics (Nasdaq BTAI) - Listen to the 8/31 court hearing re bankruptcy/asset sale, #pharma #Teva #IGALMI #agitation #BXCL501 #schizophrenia #bipolardisorder #AI #neuroscience #onkosxcel #dexmedetomidine

Per BioXcel's press release:BioXcel Therapeutics Enters Into Asset Sale Agreement with Teva PharmaceuticalsAug 28, 2026  PDF VersionBioXcel Therapeutics intends to complete a court-supervised sale transaction, in an effort to maximize value for all stakeholdersTeva Pharmaceuticals to serve as “stalking horse” bidder in a court-supervised 363 auction processBioXcel Therapeutics has secured a commitment for debtor-in-possession (DIP) financing to support ongoing operationsNEW HAVEN, Conn., Aug. 28, 2026 (GLOBE NEWSWIRE) -- BioXcel Therapeutics, Inc. (Nasdaq: BTAI) (“BioXcel Therapeutics” or the “Company”), a biopharmaceutical company built on artificial intelligence (“AI”) to develop transformative medicines in neuroscience, today announced that it has entered into an asset sale agreement with Teva Pharmaceuticals International GmbH (“Teva”), a subsidiary of Teva Pharmaceutical Industries Ltd., for substantially all of the Company’s assets. This includes IGALMI® (dexmedetomidine) sublingual film and the related pending supplemental New Drug Application of BXCL501 for potential at-home (outpatient) use for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. Concurrent with the execution of the asset sale agreement, BioXcel Therapeutics and its subsidiaries, OnkosXcel Therapeutics, LLC and OnkosXcel Employee Holdings, LLC, have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the “Court”) to facilitate a court-supervised sale process, which is expected to include the auction of substantially all of the Company’s assets.To anchor the sale process, Teva will serve as the sole “stalking horse bidder” for the sale of the assets contemplated by the asset sale agreement. A stalking horse asset sale agreement establishes a strong baseline offer and is intended to help maximize value for all stakeholders through the Chapter 11 auction process.“Following a comprehensive review of strategic alternatives, we believe this option provides a clear framework to pursue a value-maximizing transaction” said Vimal Mehta, Ph.D., Chief Executive Officer of BioXcel Therapeutics. “Our priority is to execute a disciplined and efficient sale process while supporting all of our stakeholders and continuing to support the sNDA with a PDUFA date of November 14, 2026. We are pleased to have a signed agreement with a leading pharmaceutical company to serve as stalking horse bidder in the process, underscoring the strategic interest in our assets and in IGALMI®....”For the rest of the BioXcel press release see: https://ir.bioxceltherapeutics.com/news-releases/news-release-details/bioxcel-therapeutics-enters-asset-sale-agreement-tevaFor more information about the BioXcel bankruptcy/sale including the bankruptcy petitions and information about company assets and liabilities see: https://cases.stretto.com/bioxcel/ Typically, in situations such as these, there is a proposed buyer referred to as a stalking horse, and there is also an opportunity for other parties to come forward and bid on the assets.