BioXcel Therapeutics, Inc. has completed the sale of substantially all of its neuroscience assets to Teva Pharmaceuticals International GmbH. The transaction was finalized on October 26, 2026, following a court-approved process under Chapter 11 bankruptcy.
The assets sold to Teva include BioXcel’s rights to the drug IGALMI (dexmedetomidine) and the experimental drug BXCL501, along with related intellectual property and regulatory filings. Notably, the assets did not include the rights to BXCL701 and BXCL702, which were retained by BioXcel.
Under the terms of the agreement, Teva paid an upfront cash consideration of $57.5 million. This amount included a $5.75 million deposit previously made by Teva, with additional funds allocated for certain cure costs. Teva also assumed specified liabilities of BioXcel.
Future payments to BioXcel are contingent upon specific milestones. The company is eligible to receive a development milestone payment of up to $67.5 million, contingent upon the approval by the U.S. Food and Drug Administration of the pending supplemental new drug application for IGALMI for at-home use. If approval is not obtained by February 28, 2027, BioXcel may receive commercial milestone payments of up to $20 million in total, payable in installments upon reaching annual net sales of $250 million and $500 million for the at-home version of IGALMI, on or before December 31, 2035.
In connection with the sale and the wind-down of the company’s affairs, BioXcel’s board of directors terminated the employment of Chief Executive Officer Vimal Mehta, Ph.D., Senior Vice President and Chief Financial Officer Richard Steinhart, Senior Vice President and Chief Scientific Officer Frank Yocca, Ph.D., and Senior Vice President, Chief Legal Officer and Corporate Secretary Javier Rodriguez, effective October 31, 2026. Dr. Mehta will continue to serve on the board and will receive a monthly fee of $5,000.
Additionally, the board appointed Chief Restructuring Officer Samir Saleem as President and Secretary of the Company, effective October 31, 2026. The board also authorized the filing of a Certificate of Amendment to change the company’s name to "BX Liquidation, Inc." in November 2026, in preparation for the planned wind-down and liquidation of the company.
