FMP
Karuna Shares Jump 46% on Bristol-Myers Squibb Acquisition Announcement
Dec 22, 2023 5:02 PM - Davit Kirakosyan
Image credit: FMP
Bristol Myers Squibb (NYSE:BMY) has reached an agreement to purchase Karuna Therapeutics (NASDAQ:KRTX), a company specializing in neuroscience drug development, for a total of $14 billion, as announced by both companies. As a result, Karuna shares jumped more than 46% intra-day today.
According to the acquisition terms, Bristol Myers Squibb will acquire Karuna at $330 per share in cash. This price includes the $1.3 billion in cash currently held by Karuna.
This acquisition, which is anticipated to be finalized in the first half of the next year, represents a strategic effort by Bristol Myers Squibb to enhance its portfolio in the psychiatric and neurological drugs sector.
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