Bristol Myers Squibb Acquires Karuna Therapeutics for $14 Billion\n\nBristol Myers Squibb, a leading pharmaceutical company, has announced its acquisition of Karuna Therapeutics for a whopping $14 billion. This deal, which amounts to $330 per share in cash, offers a premium of 53% over Karuna’s stock on Thursday. The transaction has been unanimously approved by both companies’ boards of directors and is expected to close in the first half of 2024, subject to regulatory approvals and other closing conditions.\n\nKaruna Therapeutics, a clinical-stage biopharmaceutical company, is known for its top asset KarXT, an experimental antipsychotic with a promising novel mechanism. The drug is currently being reviewed by the U.S. Food and Drug Administration for the treatment of schizophrenia in adults and is also undergoing trials for Alzheimer’s disease psychosis. With this acquisition, Bristol Myers Squibb aims to strengthen its neuroscience portfolio and expects KarXT to enhance its growth through the late 2020s and into the next decade.\n\nAccording to analysts, KarXT’s prospects are bright, with peak year unadjusted sales potentially reaching $6.8 billion if the drug gets on the market with multiple uses. This acquisition is just one of several major deals in the pharmaceutical industry this year, with other companies like Pfizer and AbbVie also making significant acquisitions to expand their portfolios.\n\nIn other news, the Federal Reserve’s preferred gauge showed a continued softening of inflation, with the headline PCE Index falling 0.1% in November. Meanwhile, other trending tickers on Yahoo Finance include Nike, Coinbase, and Rocket Lab. For more expert insights and the latest market action, tune in to Yahoo Finance Live.\n\n Bristol Myers Squibb’s acquisition of Karuna Therapeutics for $14 billion is a significant move that will strengthen its neuroscience portfolio and potentially lead to significant growth in the coming years.