LLY - Bristol-Myers' Acquisition Of Karuna Therapeutics Paves Way For Aggressive Global Marketing Of KarXT: Analyst | Benzinga
H.C. Wainwright analyst Raghuram Selvaraju downgraded Karuna Therapeutics, Inc. (NASDAQ: KRTX) to Neutral from Buy, raising the Price Target to $330 from $300.
Bristol-Myers Squibb Company (NYSE: BMY) agreed to acquire Karuna Therapeutics 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.
Per the analyst, Bristol is an attractive acquirer for Karuna based on its longstanding track record of success in developing and commercializing neuroscience-focused drugs—particularly Abilify (aripiprazole).
The transaction is slated to close in 1H24, ahead of the U.S. approval decision on Karuna's lead candidate KarXT.
The fact ...