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BioXcel Therapeutics Inc

BioXcel Therapeutics, Inc. is a biopharmaceutical company that uses artificial intelligence to develop medicines in neuroscience and immuno-oncology in the United States. It markets IGALMI, a sublingual film for acute agitation in adults with schizophrenia or bipolar I or II disorder. Its pipeline includes BXCL501, an investigational sublingual film of dexmedetomidine in Phase 3 trials for agitation associated with bipolar disorders, schizophrenia, Alzheimer's disease, opioid use disorder, alcohol use disorder with comorbid PTSD, and acute stress disorder; BXCL701, an investigational oral innate immune activator that completed Phase 1b/2a trials for aggressive prostate cancer, pancreatic cancer, and other solid and liquid tumors; and earlier-stage candidates BXCL502, BXCL503, and BXCL504 for stress-related neuropsychiatric symptoms and apathy in dementia. The company collaborates with Columbia University, Yale University Medical School, and the University of North Carolina on BXCL501. Incorporated in 2017 and headquartered in New Haven, Connecticut, BioXcel Therapeutics, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware on August 27, 2026.

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BioXcel Files Chapter 11 Ahead of FDA Decision

BioXcel Therapeutics filed for Chapter 11 bankruptcy on August 27, just 11 weeks before the FDA is due to rule on an expanded label for its only approved product, Igalmi. The New Haven, Connecticut-based biotech, which had raised debt against a launch that never materialized, saw its cash run out before the catalyst date. The company's credit agreement with Oaktree Capital Management and the Qatar Investment Authority was amended 14 times, and by July lenders required a definitive strategic transaction. Teva Pharmaceuticals has agreed to act as stalking horse bidder, offering $57.5 million in cash at closing plus up to $67.5 million tied to the timing of FDA approval for the at-home use of Igalmi. Nasdaq will delist the stock on September 8, and common shareholders are unlikely to recover anything given the secured debt of about $112 million.
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Biotech & Genomic Medicine › Oncology Therapeutics ▼Capital
BTAI · Capital · Negative BioXcel filed Chapter 11 as cash ran out before the FDA decision, with Nasdaq delisting and shareholders unlikely to recover anything.
TEVA · Capital · Positive Teva agreed to act as stalking horse bidder, offering $57.5M cash plus up to $67.5M tied to FDA approval timing for Igalmi.
Oaktree Capital Management · Capital · Neutral Oaktree is a secured lender whose credit agreement was amended 14 times and now faces a stalking-horse bankruptcy sale; recovery is unclear.
Qatar Investment Authority · Capital · Neutral Qatar Investment Authority is a secured lender under the amended credit agreement; its recovery in the Chapter 11 sale is unclear.
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Teva Backs $125M Bid for BioXcel Assets in Bankruptcy Sale

Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Limited, has agreed to serve as the stalking-horse bidder for substantially all assets of BioXcel Therapeutics, Inc. and certain affiliates through a court-supervised Chapter 11 auction. The proposed consideration includes $57.5 million in cash at closing and up to $67.5 million in contingent cash, for a maximum of $125 million, plus specified assumed liabilities. The portfolio includes IGALMI, the associated BXCL501 program, and other assets beyond neuroscience. A competing bidder may still submit a superior offer, and any transaction requires bankruptcy-court approval. The pending supplemental new drug application seeks to expand IGALMI's label to include at-home treatment of acute agitation associated with schizophrenia or bipolar I or II disorder in adults, with an FDA target action date of November 14, 2026.
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BTAI · Capital · Positive BioXcel's assets are being acquired via a $125M stalking-horse bid in its Chapter 11 bankruptcy sale, providing a path to monetize its portfolio.
TEVA · Capital · Positive Teva agreed to serve as stalking-horse bidder to acquire BioXcel's assets, including IGALMI and the BXCL501 program, for up to $125 million.
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Biotech & Genomic Medicine▲4

Teva to acquire BioXcel neuroscience assets for up to $125m

Teva Pharmaceuticals International has made a bid to acquire a range of neuroscience assets from BioXcel Therapeutics for a total deal value of $125m, as part of BioXcel's voluntary Chapter 11 proceedings in the US Bankruptcy Court for the District of Delaware. The proposed transaction would give Teva worldwide rights to Igalmi (dexmedetomidine) sublingual film and the investigational BXCL501, which is under FDA review for potential at-home use in treating acute agitation linked to schizophrenia or bipolar disorder. Teva has been designated as the stalking horse bidder, setting the initial offer in the Section 363 auction process, and would receive a break-up fee if it loses. The upfront consideration is $57.5m, with up to $67.5m in contingent payments tied to FDA approval timing and sales milestones. BioXcel has also secured $19m in debtor-in-possession financing to maintain operations during the sale.
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Biotech & Genomic Medicine
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Biotech & Genomic Medicine › Neuroscience & Neurodegenerative Competition
BTAI · Capital · Positive BioXcel's neuroscience assets (Igalmi, BXCL501) are being acquired by Teva for up to $125m as part of its Chapter 11 sale process, providing needed capital.
TEVA · Capital · Positive Teva is the stalking horse bidder acquiring Igalmi and BXCL501 neuroscience assets for up to $125m, expanding its portfolio.
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