BioXcel Therapeutics, Inc. (BTAI) and its subsidiaries filed for Chapter 11 bankruptcy protection on August 27, 2026. In connection with the filing, the company entered into a "stalking horse" asset purchase agreement with Teva Pharmaceuticals to sell substantially all of its assets. This agreement is subject to higher bids through a court-supervised auction process.
Key Details
- Stalking Horse Bid: Teva Pharmaceuticals has agreed to purchase substantially all of BioXcel's assets for $57.5 million in upfront cash, assumption of certain liabilities, and up to $87.5 million in potential milestone payments.
- Bankruptcy Proceedings: The company will operate as a "debtor-in-possession" under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware.
- Financing: BioXcel is seeking court approval for up to $19 million in new debtor-in-possession (DIP) financing from affiliates of Oaktree Capital Management and the Qatar Investment Authority to fund operations.
- Restructuring Leadership: Samir Saleem has been appointed as Chief Restructuring Officer to oversee the process.