Bristol Myers Squibb acquires Karuna Therapeutics for $14 billion, boosting neuroscience portfolio ...Middle East

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Bristol Myers Squibb acquires Karuna Therapeutics for $14 billion, boosting neuroscience portfolio
NEW YORK (AP) — Drugmaker Bristol Myers Squibb is acquiring Karuna Therapeutics, a biopharmaceutical company that has developed a new antipsychotic, in a $14 billion deal. Bristol Myers Squibb and Karuna announced their merger agreement on Friday. The transaction, which amounts to $330 per share in cash, offers a premium of 53% over Karuna's stock on Thursday. The deal was unanimously approved by both companies' boards of directors. Karuna's top asset is KarXT, an experimental antipsychotic with a promising novel mechanism. KarXT is currently being reviewed by the U.S. Food and Drug Administration for treatment of schizophrenia in adults. The drug is also undergoing trials related to

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