Brief: Bristol Myers Squibb To Buy Karuna Therapeutics For $14 Bln

Karuna Therapeutics

22/12/2023 11:59

Dec 22 (Reuters) - Bristol-Myers Squibb Co  BMY.N :
    * BRISTOL MYERS SQUIBB STRENGTHENS NEUROSCIENCE PORTFOLIO
WITH
ACQUISITION OF KARUNA THERAPEUTICS
    * BRISTOL-MYERS SQUIBB CO - PROPOSED DEAL FOR TOTAL EQUITY
VALUE
OF $14.0 BILLION
    * BRISTOL-MYERS SQUIBB CO: PROPOSED DEAL FOR $330.00 PER
SHARE IN
CASH, FOR A TOTAL EQUITY VALUE OF $14.0 BILLION, OR $12.7
BILLION NET OF ESTIMATED CASH ACQUIRED.
    * BRISTOL-MYERS SQUIBB CO - TRANSACTION WAS UNANIMOUSLY
APPROVED
BY BOTH BRISTOL MYERS SQUIBB AND KARUNA BOARDS OF DIRECTORS
    * BRISTOL-MYERS SQUIBB CO- DEAL EXPECTED TO BE DILUTIVE TO
BRISTOL
MYERS SQUIBB'S NON-GAAP DILUTED EARNINGS PER SHARE BY
APPROXIMATELY $0.30 IN 2024
    * BRISTOL-MYERS SQUIBB CO - TRANSACTION IS EXPECTED TO CLOSE
IN
FIRST HALF OF 2024
    * BRISTOL-MYERS SQUIBB CO: EXPECTS TO FINANCE ACQUISITION
WITH
PRIMARILY NEW DEBT ISSUANCE
    * BRISTOL-MYERS SQUIBB - TO OFFSET OPERATIONAL EXPENSES OF
TRANSACTION THROUGH CONTINUED RESOURCE ALLOCATION, COST
EFFICIENCIES, PORTFOLIO PRIORITIZATIO
    * BRISTOL-MYERS SQUIBB CO - ACCOUNTING TREATMENT AS A
BUSINESS
COMBINATION OR ASSET ACQUISITION WILL BE DETERMINED UPON
EXPECTED CLOSE OF TRANSACTION

Source text for Eikon:  ID:nBw1hBN95a 
Further company coverage:  BMY.N 

 ((Reuters.Briefs@thomsonreuters.com;))