BioXcel Therapeutics Files Chapter 11, Enters $57.5 Million Stalking-Horse Asset Sale Agreement With Teva for Dexmedetomidine Sublingual Film
BioXcel Therapeutics (NASDAQ: BTAI) filed for Chapter 11 bankruptcy protection Thursday August 27, 2026 after telling investors it lacked cash to fund operations through the end of August despite securing a bridge loan earlier the same week. Teva Pharmaceutical Industries (NYSE: TEVA) signed a stalking-horse asset sale agreement Friday August 28, 2026 to acquire BioXcel's lead neuroscience asset for $57.5 million upfront plus up to $67.5 million in milestone payments through a court-supervised auction. The lead asset is a novel dexmedetomidine sublingual film under FDA review for at-home use for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults, with a PDUFA target action date of November 14, 2026. The stalking-horse bid sets the floor price for competing bidders. Teva positioned the acquisition as consistent with its 'Pivot to Growth' strategy and disciplined business development approach.