
Drugmaker Bristol Myers Squibb is acquiring Karuna Therapeutics, a biopharmaceutical company that has developed a new antipsychotic, in a $14 billion deal.
Bristol Myers Squibb and Karuna announced their merger agreement on Friday. The transaction, which amounts to $330 per share in cash, offers a premium of 53% over Karuna's stock on Thursday. The deal was unanimously approved by both companies' boards of directors.