Bristol-Myers Squibb completes $330/share acquisition of Karuna Therapeutics, adds schizophrenia drug KarXT

BRISTOL MYERS SQUIBB CO

Each Karuna share converted into $330 cash; deal closed March 18, 2024.
Lead asset KarXT (xanomeline-trospium) has PDUFA date Sept 26, 2024 for schizophrenia.
Transaction expected to be dilutive ~$0.30 to non-GAAP EPS in 2024 from financing costs.
One-time ~$12B Acquired IPR&D charge impacts Q1 2024 GAAP/non-GAAP EPS by ~$5.93.
BMS to update financial outlook when reporting Q1 2024 results on April 25.

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