Bristol Myers to purchase Karuna for $14 billion

Bristol Myers Squibb is set to acquire Karuna Therapeutics for $14 billion, valuing Karuna at $330 per share, a 53% premium to its Thursday price. The deal centers on a drug called KarXT, designed to treat schizophrenia. KarXT is under FDA review and, if approved next year, would introduce the first new class of medicines for schizophrenia in decades.

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