Bristol Myers Squibb wagers $14 billion on Karuna and its KarXT
As 2023 draws to a close, Bristol Myers Squibb (NYSE: BMY) has announced what is the second biggest pharma M&A deal of the year, and the second acquisition by the US pharma major.
Bristol Myers has entered into a definitive merger agreement to acquire Karuna Therapeutics (Nasdaq: KRTX), a PureTech Health (Nasdaq: PRT) founded company, 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.
Karuna’s shares leapt 47.3% to $317.00 in pre-market activity following the announcement.
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