India, Aug. 28 -- BioXcel Therapeutics Inc. (BTAI) on Friday entered into an agreement to sell substantially all of its assets to Teva Pharmaceuticals International GmbH (TEVA.TA) and filed for voluntary Chapter 11 bankruptcy.
The deal includes IGALMI (dexmedetomidine) sublingual film and the pending application for BXCL501 for potential at-home use.
The company plans to sell its assets to the highest or best bidder to maximize value for stakeholders.
The company also secured a commitment for $19 million in debtor-in-possession financing from existing lenders, subject to court approval, to fund operations and the bankruptcy process.
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IGALMI will remain ...