BioXcel Plunges 73% as Chapter 11 Filing and Teva Stalking Horse Bid Shake Investors
BTAI is trading near its 52-week low of $0.165 (3.0% above the low) on elevated volume (26× avg).
Summary
BioXcel Therapeutics shares collapsed 73% to $0.19 after the company filed for Chapter 11 bankruptcy and entered an asset sale agreement with Teva Pharmaceuticals as stalking horse bidder. The deal covers all assets including IGALMI and the pending sNDA for BXCL501, with a PDUFA date of November 14, 2026. The stock is trading near its 52-week low of $0.165, with market cap down to about $22.5 million. This follows the earlier Reuters report of the bankruptcy filing and the GlobeNewswire announcement of the Teva agreement, but today's price action reflects the market's full reaction to the news. The court-supervised 363 auction process will determine whether other bidders emerge beyond Teva's stalking horse bid.
At the time of this announcement, BTAI was trading at $0.17 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $22.5M. The 52-week trading range was $0.17 to $4.29. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.