BioXcel Therapeutics filed for Chapter 11 bankruptcy after evaluating strategic options and failing to secure sufficient funding. Teva has emerged as stalking-horse bidder, proposing to acquire substantially all BioXcel assets for $57.5 million upfront, with additional milestone payments that can reach $67.5 million. The asset sale centers on BioXcel’s neuroscience portfolio, including agitation-treatment Igalmi (dexmedetomidine sublingual film), which remains under FDA review. The bidding process includes contingencies tied to the FDA’s decision date and potential approval timing. The restructuring highlights how capital access constraints are reshaping biotech portfolios, with large pharma using acquisition structures to gain late-stage candidates at defined valuation levels.