Just months after Bristol Myers Squibb boarded Karuna for its much-hyped schizophrenia drug, the biotech’s leadership has set sail in a new venture.
Bristol Myers Squibb Completes Acquisition of PureTech's Founded Entity Karuna Therapeutics for $14 Billion
Karuna Therapeutics set to merge with Bristol-Myers Squibb
Karuna Therapeutics is “vigorously” denying any deficiencies with a proxy statement filed last month that has become the focus of a shareholder lawsuit, though the biotech is producing supplemental information to address several of the allegations raised.
Karuna Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results
A Karuna Therapeutics stockholder is suing the biotech, claiming that the company and its directors didn’t include or misrepresented key information in a proxy statement urging shareholders to vote in favor of the proposed Bristol Myers Squibb merger.
Hallmark biotech investment firm Third Rock Ventures is bolstering its ranks, adding three new venture partners, including Karuna Therapeutics’ co-founder, and promoting two others.
Karuna Therapeutics was almost bought out by another large pharma that competed up until the last moment before Bristol Myers Squibb’s $14 billion proposal won out.
Bristol Myers Squibb and Karuna Therapeutics announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors.
Bristol Myers to buy schizophrenia drugmaker Karuna Therapeutics for $14 bln