Bristol Myers Squibb to acquire Karuna Therapeutics for $330/share, ~$14B equity value

BRISTOL MYERS SQUIBB CO

Deal valued at $14.0B equity / $12.7B net of cash; 53.4% premium to KRTX Dec 21 close.
Karuna's lead asset KarXT for schizophrenia; PDUFA date Sept 26, 2024; also in trials for Alzheimer's psychosis.
Expected to close H1 2024, subject to Karuna shareholder and regulatory approvals; financed with new debt.
Non-GAAP EPS dilutive by ~$0.30 in 2024 due to financing cost; BMS cites portfolio prioritization to offset.

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