Teva has struck a $700 million upfront deal to acquire Emalex Biosciences, aiming to move a Tourette syndrome candidate closer to near-approval. The buyout is positioned as Teva’s largest deal in a decade, and Jefferies said it reflects strategic synergy with Teva’s neurology business. The Tourette program is described as being on the cusp of approval, meaning Teva could convert development spend into a potential commercial asset if regulators agree. For Emalex, the transaction provides funding continuity and reduces single-program execution risk. The deal also signals sustained interest in late-stage neuropsychiatry franchises where clinical readouts can quickly translate into regulatory milestones.