Teva Offers Up to $125 Million for BioXcel’s Neuroscience Assets

BioXcel Therapeutics has filed for Chapter 11 bankruptcy and agreed to let Teva serve as the stalking-horse bidder for substantially all of its assets in a court-supervised Section 363 sale.

Teva’s offer includes $57.5 million in upfront cash, plus up to $67.5 million in contingent payments tied mainly to FDA approval timing and commercial milestones—bringing the potential headline value to $125 million. Some filings also describe potential commercial milestones of up to $20 million, depending on how the payment structure is counted.

The key assets include IGALMI (dexmedetomidine) sublingual film, BioXcel’s approved treatment for acute agitation associated with schizophrenia and bipolar disorder, and the pending application to expand its use to at-home treatment.

The pending supplemental application has an FDA target action date of November 14, 2026. Its outcome will determine whether Teva owes the development milestones and could materially affect the asset’s value.

Teva’s bid establishes a minimum or floor offer, rather than a completed acquisition. It remains subject to bankruptcy-court approval and potentially higher or better bids at auction.

BioXcel is also seeking debtor-in-possession financing—reported at up to $19 million—to fund operations during the bankruptcy and sale process.