Karuna Therapeutics Inc (NASDAQ: KRTX) ended nearly 50% up on Friday after Bristol-Myers Squibb Co (NYSE: BMY) said it will buy the biopharmaceutical firm for $14 billion.Analyst shares his view on biotech stocksCopy link to sectionThe all-cash transaction values each share of Karuna Therapeutics at $330 and helps Bristol-Myers expand its footprint in neurological and psychiatric conditions. KarXT – the lead asset of Karuna Therapeutics is being studied as a possible treatment for schizophrenia, Alzheimer’s ...

photoschmidtWe previously discussed Bristol-Myers Squibb Company (NYSE:BMY) in September 2023, discussing its Loss Of Exclusivity issue with its leading product, Revlimid, leading to a significant decline in annualized sales to $5.5B in 2023, compared to $12.82B in 2021. Combined with the inability of its other pipelines to offset the losses in the near term, we had preferred to rate the stock as a Hold then. In this article, we shall discuss why our previous Hold rating has proven to be prudent, with t ...

BOSTON--(BUSINESS WIRE)--PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company, noted today that its Founded Entity, Karuna Therapeutics, Inc., and (Nasdaq: KRTX) Bristol Myers Squibb (NYSE: BMY) announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. ...

About this content About Andrew Kessel Andrew is a financial journalist with experience covering public companies in a wide breadth of industries, including tech, medicine, cryptocurrency, mining and retail. In addition to Proactive, he has been published in a Financial Times-owned newsletter covering broker-dealer firms and in the Columbia Misourian newspaper as the lead reporter focused on higher education. He got his start with an internship at Rolling Stone magazine.  Read more About the publisher Pr ...

Key TakeawaysU.S. equities headed into the long holiday weekend with gains at midday Friday, Dec. 22, 2023.Bristol Myers Squibb said it would $14 billion for Karuna Therapeutics to expand its neuroscience portfolio and shares of Karuna Therapeutics jumped.Nike shares plummeted after the athletic apparel retailer cut its guidance and planned to reduce spending, citing softness in demand.U.S. equities headed into the long holiday weekend with gains at midday, amid a broad-based rally fueled by enthusiasm over ...

Key TakeawaysBristol Myers Squibb will pay $14 billion to buy Karuna Therapeutics to boost its neuroscience portfolio.The deal gives Karuna investors $330 per share, a 53% premium to yesterday's closing price.Karuna Therapeutics shares soared to an all-time high following the news.Karuna Therapeutics (KRTX) shares skyrocketed over 46% after Bristol Myers Squibb (BMY) said it would buy the biopharmaceutical firm for $14 billion to expand its neuroscience portfolio.Bristol Myers Squibb said it would pay Karun ...

PRINCETON, N.J. & BOSTON--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (“Karuna”) today announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors. Karuna is a ...

Bristol-Myers Squibb Co (NYSE:BMY) stock is on the rise today, up 2.8% at $52.71 at last glance, after news that the biopharmaceutical company is acquiring Karuna (KRTX) for $14 billion. The deal, which will strengthen Bristol-Myers' neuroscience portfolio, is expected to close in the first half of 2024. KRTX is soaring after the news, up about 47%. Since the start of the year, BMY is down around 26%, recently hitting a Nov. 30 two-year low of $48.25, its lowest point since the start of Covid. The stock has ...

Bristol Myers Squibb on Friday announced it agreed to buy biopharmaceutical company Karuna Therapeutics for $14 billion in cash, or $330 per share.Karuna's stock popped more than 47% on the news Friday morning, hitting around $317 a share. Bristol Myers Squibb shares rose more than 3%.The deal will help expand Bristol Myers' drug pipeline after competition from a generic offering caused demand for the company's blood cancer drug Revlimid to tumble in its third quarter. The boards of directors at both Bristo ...

A Major Acquisition and Other News Ahead of the Holiday Weekend Pattanaphong Khuankaew / Getty Images Before U.S. markets opened on Friday, the Bureau of Economic Analysis released its personal income and spending report for November. The core PCE index, excluding food and energy, increased by 0.1% month over month. The overall PCE index fell 0.1% month over month, the first time in more than two and a half years that the index has posted a monthly decline.If you need a bit of relaxation from the holiday ...