Karuna Therapeutics (KRTX) - Get Free Report shares soared higher Friday after the neurological-drug specialists agreed to a $14 billion takeover by pharma giant Bristol Myers Squibb (BMY) - Get Free Report.
Bristol Myers said it would pay $330 a share cash for the Boston drugmaker, a 53% premium to its Thursday closing price, a deal that values the group at around $14 billion.
Karuna focuses on treatments for patients suffering psychiatric and neurological conditions. Last month the Food and Drug Administration accepted its new-drug application for KarXT, a drug designed to treat schizophrenia.
“Schizophrenia and Alzheimer’s disease psychosis affect millions of people worldwide, with limited to no treatment options," said Karuna's chief medical officer, Samit Hirawat. "KarXT’s novel mechanism has resulted in a transformational profile in schizophrenia, with compelling efficacy and a differentiated safety profile.”
“KarXT also has the potential to deliver meaningful benefits to patients as an adjunctive treatment for patients with schizophrenia and as a first treatment for Alzheimer’s disease psychosis,” he added.
https://finance.yahoo.com/m/8b1222fb-6a7c-3930-8f1b-9c3b58a313d4/karuna-therapeutics-soars.html
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