Bristol Myers to buy schizophrenia-drug maker

Bristol Myers Squibb is going to buy Karuna Therapeutics for $14 billion. This deal will allow Bristol to enter the market for drugs treating psychiatric and neurological diseases, as its blockbuster drug Abilify has been facing competition. Karuna has an experimental drug undergoing FDA review for treating schizophrenia and other conditions, which could generate over $6 billion in sales yearly. Pharmaceutical companies are delaying products to avoid Medicare price negotiation rules outlined in the Inflation Reduction Act, sparking lawsuits from companies concerned about funding for new medicines. As they wait for new therapies, patients are experiencing product delays to maximize potential revenue.

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