In the top M&A, Bristol Myers Squibb entered into a definitive agreement to acquire Karuna Therapeutics for $330.00 per share (a 54% premium to Karuna's 10-day pre-announcement market average) in cash, for a total equity value of $14bn. Karuna is focused on discovering, developing and delivering medicines for people living with psychiatric and neurological conditions. Its lead asset, KarXT (xanomeline-trospium), is an antipsychotic with a novel mechanism of action and differentiated efficacy and safety. Karuna’s NDA for KarXT for the treatment of schizophrenia in adults was accepted for review by the FDA with a PDUFA date of September 26, 2024. Financing reached $4.5bn in biopharma, $245m in device, and $218m in diagnostics.
Deals in Depth: December 2023
Six $1bn+ alliances were penned in December. In the top alliance by deal value, Biokin and its SystImmune subsidiary licensed Bristol Myers Squibb exclusive rights to develop and commercialize its cancer candidate BL-B01D1 worldwide, excluding Mainland China where SystImmune retains rights. BMS will pay $800m up front, up to $500m in contingent near-term payments, and up to $7.1bn in development, regulatory, and sales milestones, for a total potential consideration of up to $8.4bn.
More from Deal-Making
• By
Despite regional unrest, it is business as usual for medtech innovators and investors in Israel as evidenced by continued high-value M&A of locally developed technologies. Irit Yaniv, co-chair of the medtech session at the upcoming BioMed Israel 2025, explained the unique dynamics of Israeli medtech innovation.
• By
An interactive look at pharma, medtech and diagnostics deals made during April 2025. Data courtesy of Biomedtracker.
• By
After revolutionizing the peptide therapeutic landscape, CEO Dinesh Patel reflects on the journey from surviving the 2008 financial crisis to developing a platform now poised to deliver back-to-back blockbuster approvals.