Bioxcel Therapeutics filed for Chapter 11 and said Teva bid on Igalmi for up to $125 million, after the company had previously signaled it was evaluating strategic options. The filing targets the sale of substantially all assets, including Igalmi (dexmedetomidine sublingual film). The move illustrates the financial fragility that can emerge when commercial execution and pipeline expectations diverge, particularly in branded specialty CNS categories. For Teva and other acquirers, the bid signals continued interest in acquiring marketed therapies and attaching them to larger distribution systems. Within biotech, the case is another reminder that capital-market access can close quickly—pushing companies toward asset sales and bankruptcy proceedings.