Bristol Myers Acquires Karuna Therapeutics in $14 Billion Deal
Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $14 billion, gaining access to Karuna's experimental schizophrenia drug, KarXT. The acquisition will help Bristol Myers Squibb offset revenue losses from the expiration of patents on its older therapies. KarXT is a new type of antipsychotic medicine that activates muscarinic receptors in the central nervous system, offering potential benefits over existing treatments. The deal is expected to impact Bristol Myers Squibb's earnings per share in 2024 due to financing costs.