BioXcel Therapeutics, Inc. [BTAI] - and Subsidiaries Chapter 11 Filing
On August 27, 2026, BioXcel Therapeutics, Inc. and its subsidiaries filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, seeking debtor-in-possession financing from affiliates of Oaktree Capital Management, L.P. and the Qatar Investment Authority to fund post-petition operations.
Why this matters
BioXcel Therapeutics, Inc., a Delaware-incorporated pharmaceutical company specializing in drug development for neurological and immuno-oncology conditions, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The filing on August 27, 2026, follows the company's strategic decision to enter into an asset purchase agreement with Teva Pharmaceuticals International GmbH, under which Teva will acquire substantially all of BioXcel's assets and assume certain liabilities. This transaction includes an upfront cash payment of $57.5 million and contingent milestone payments of up to $67.5 million, dependent on the approval timing of a pending supplemental New Drug Application (sNDA) for IGALMI at-home use. BioXcel is seeking debtor-in-possession financing from affiliates of Oaktree Capital Management, L.P. and the Qatar Investment Authority to support its operations during the bankruptcy proceedings.