Bristol Myers to buy schizophrenia drugmaker Karuna Therapeutics for $14 bn

Bristol Myers Squibb on Friday agreed to acquire Karuna Therapeutics, a pioneer in schizophrenia drugs, for $330 per share in cash, or $14 billion in total equity value. The net cost of acquisition is estimated at $12.7 billion.The acquisition will help Bristol Myers pursue growth with promising new type of antipsychotic medicine as patents on its older drugs expire in a few years.