BioXcel Therapeutics is trading 10.20% down at $0.16 after its August 27 Chapter 11 filing and Teva’s proposed stalking-horse bid for substantially all assets.
- Reuters reported the bankruptcy filing; Teva’s agreement provides $57.5 million upfront and up to $67.5 million in contingent payments.
- The first-day bankruptcy hearing is scheduled for August 31.
- The stock fell 74.76% to $0.18 on August 28; modestly weaker overall futures do not explain the company-specific magnitude.