BioXcel Therapeutics, Inc. (BTAIQ) completed the sale of substantially all neuroscience assets to Teva Pharmaceuticals International GmbH on October 26, 2026. The sale included rights to IGALMI and BXCL501; BXCL701 and BXCL702 were retained. Teva’s upfront cash consideration was $57.5 million. Proceeds were applied at closing to repay debtor-in-possession financing obligations, with certain amounts retained for estate wind-down.
The debtors may receive a development milestone payment of up to $67.5 million if the FDA approves the pending supplemental new drug application for at-home IGALMI use; the amount decreases based on approval timing. If approval is not obtained on or prior to February 28, 2027, they may also receive up to $20.0 million in commercial milestone payments, tied to annual at-home-use IGALMI net sales thresholds of $250 million and $500 million on or prior to December 31, 2035.
Terminations take effect October 31, 2026, for CEO and President Vimal Mehta, Chief Financial Officer Richard Steinhart, Chief Scientific Officer Frank Yocca, and Chief Legal Officer and Corporate Secretary Javier Rodriguez; Mehta remains a director. Chief Restructuring Officer Samir Saleem becomes President and Secretary and principal executive officer. A November amendment is expected to rename the company BX Liquidation, Inc.