BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares plunged on Friday as the company commenced voluntary Chapter 11 proceedings tied to a court-supervised asset sale process.
The stock’s slide stands out even within a volatile health care tape, with BioXcel flagged among Friday’s pre-market movers at -61.8% to $0.27, with an implied market cap of about $22.5 million.
BioXcel plunges on Teva asset sale, Chapter 11
BioXcel Therapeutics entered into an asset sale agreement with Teva Pharmaceuticals International GmbH, a subsidiary of Teva Pharmaceutical Industries Ltd. (NYSE:TEVA).
The deal covers all assets, including IGALMI (dexmedetomidine) sublingual film and a pending supplemental NDA for BXCL501’s potential at-home use.
