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Big Law

Bristol Myers Agrees to Buy Karuna Therapeutics for $14 Billion

Bristol Myers Squibb on Friday agreed to buy Karuna Therapeutics for $14 billion, gaining a promising experimental schizophrenia drug to help power growth as patents on its older therapies expire later this decade.

New York-based Bristol has been under pressure to expand its drug pipeline amid declining demand for two of its top drugs, blood cancer treatment Revlimid and blood thinner Eliquis, which face generic competition.

“We expect KarXT to enhance our growth through the late 2020s and into the next decade,” CEO Christopher Boerner said in a statement.

Read the source article at Yahoo Finance

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