Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | ![]() Brington Investment Limited - Bristol Myers Squibb Expands Neuroscience With $14 B Karuna InvestmentKaruna Therapeutics (KRTX) shares increased by more than 46% after Bristol Myers Squibb (BMY) announced a $14 billion acquisition of the biopharmaceutical company to extend its neuroscience portfolio.
According to the drugmaker, Karuna is aiming to produce treatments for those suffering from psychiatric or neurological problems. KarXT is the company's flagship asset, an antipsychotic with "a novel mechanism of action (MoA) and differentiated efficacy and safety." The FDA will consider a new medication application for KarXT to treat schizophrenia in adults, according to the statement. According to Bristol Myers Squibb, KarXT "represents a significant revenue contribution opportunity." The acquisition, according to CEO Christopher Bonner, "strengthens our position and accelerates the expansion and diversification of our portfolio in this space." The transaction is scheduled to be completed in the first half of 2024. Following the announcement, Karuna Therapeutics shares went up 46.9% to $316 per share at about noon Eastern. Bristol-Myers Squibb shares gained as well, rising 2.8% to $52.68 per share. Brington Investment Limited provides a wide range of financial services directly to a sizable and diverse client base that consists of businesses, financial institutions, governments, and private individuals. These services span investing, banking, securities, and investment management. Please visit our website at https://bringtonil.com. End
|
|