Karuna Therapeutics surges 47% after Bristol Myers Squibb announces $14 billion deal
Publishing timestamp: 2023-12-22 12:28:35
Summary
Bristol Myers Squibb has announced its acquisition of biopharmaceutical company Karuna Therapeutics for $14 billion in cash. The deal is expected to help expand Bristol Myers' drug pipeline and strengthen its position in the neuroscience field. Karuna's lead asset, an antipsychotic called KarXT, is expected to be a treatment for adults with schizophrenia starting in late 2024. The acquisition is set to close in the first half of 2024.
Sentiment: POSITIVE
Keywords: bristol-myers squibb co, goldman sachs group inc, karuna therapeutics inc, health care industry, biotech and pharmaceuticals, business news,
Source: https://www.cnbc.com/2023/12/22/bristol-myers-squibb-to-buy-karuna-therapeutics.html