Bristol-Myers Squibb (BMY) to acquire Karuna (KRTX) for $14 billion - WSJBMY +2.01% Add to/Remove from Watchlist KRTX +47.71% Add to/Remove from WatchlistBristol Myers Squibb (NYSE: ) has agreed to a deal to acquire neuroscience-drug developer Karuna Therapeutics (NASDAQ: ) for $14 billion, the two companies said. Under the terms of the agreement, Bristol Myers Squibb will pay $330 per share in cash for Karuna, which includes $1.3 billion in cash that Karuna currently holds. Karuna shares closed at $215.19, which means BMY agreed to pay a premium of over 50%. The deal, expected to close in the first half of the next year, is a strategic move by Bristol Myers Squibb to strengthen its presence in the psychiatric and neurological drugs market. We expect KarXT to enhance our growth through the late 2020s and into the next decade,” said Christopher Boerner, Ph.D., Chief Executive Officer of Bristol Myers Squibb.

Source: Wall Street Journal December 22, 2023 12:09 UTC