New York-based Bristol has been under pressure to expand its drug pipeline amid declining demand for two of its top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, which face generic competition. "We expect KarXT to enhance our growth through the late 2020s and into the next decade," CEO Christopher Boerner said in a statement. Under the terms of the deal, Bristol would pay $330 a share in cash for Karuna, which represents a 53.4% premium to its last closing price.
Bristol Myers Squib (NYSE:BMY) on Friday agreed to buy Karuna Therapeutics (NASDAQ:KRTX) for $14 billion in cash, gaining a promising experimental schizophrenia drug to power growth as patents on its older therapies expire.
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