BioXcel Therapeutics, Inc. (NASDAQ:BTAI) shares fell sharply after the company and certain subsidiaries commenced voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the District of Delaware alongside an agreement with Teva Pharmaceuticals International GmbH. The process is designed to facilitate a court-supervised Section 363 auction covering BioXcel’s assets, including IGALMI (dexmedetomidine) sublingual film and a pending supplemental new drug application for potential at-home use of BXCL501. Teva, a subsidiary of Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA), is the stalking-horse bidder. Existing deal terms call for $57.5 million upfront and up to $67.5 million in contingent payments, subject to Bankruptcy Court approval, higher bids, customary closing conditions and Teva winning the auction. BioXcel shares were quoted at $0.27, down 61.8%, in premarket trading, implying a market capitalization of about $22.5 million, and later traded at 19 cents, down 73.33%, according to Benzinga Pro data. The FDA’s PDUFA target action date for the pending application is November 14, 2026. BioXcel’s commercial product IGALMI is approved for acute agitation associated with schizophrenia or bipolar I or II disorder in adults, while its pipeline includes BXCL501 and investigational cancer therapy BXCL701.