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- BioXcel Therapeutics and its subsidiaries filed voluntary Chapter 11 petitions on August 27, 2026 in the U.S. Bankruptcy Court for the District of Delaware, citing slow IGALMI adoption and insufficient revenue. - Teva Pharmaceuticals International GmbH serves as stalking-horse bidder with a $57.5 million cash offer plus up to $67.5 million in contingent milestone payments tied to FDA approval timing and future sales. - The company's only approved product, IGALMI (dexmedetomidine) sublingual film, generated just $0.6 million in 2025 revenue, down from $2.3 million in 2024, with a $27.4 million net loss for the six months ended June 30, 2026. - A pending supplemental NDA seeking at-home IGALMI use carries a PDUFA target action date of November 14, 2026, with competing bids due October 9, 2026.
- The Federal Circuit reversed a lower court ruling and reinstated Teva's $177 million patent infringement verdict against Eli Lilly's migraine drug Emgality. - A Massachusetts federal jury originally found that Lilly's Emgality infringed three Teva patents for Ajovy, a preventative migraine treatment. - The district court had previously overturned the verdict in late 2023, ruling that Teva's patents failed to meet Section 112 requirements of the Patent Act. - The appellate court's decision restores the significant financial award in this high-stakes pharmaceutical patent dispute between major drugmakers.
