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Covington Represents Bristol Myers Squibb in $14B Merger with Karuna Therapeutics

Press Release December 22, 2023

WASHINGTON—Covington advised Bristol Myers Squibb in its merger agreement with Karuna Therapeutics, Inc., under which Bristol Myers Squibb has agreed to acquire Karuna 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 is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Karuna Therapeutics is a biopharmaceutical company driven to discover, develop, and deliver medicines for people living with psychiatric and neurological conditions.

The Covington team included Catherine Dargan, Mike Riella, Drew Fischer, and Ingrid Rechtin (M&A), Robert Newman and Megan Woodford (benefits), Natalie Derzko, Sinan Utku, and Marie Lavalleye (intellectual property), Michael Stern and Peter Bogaert (regulatory), and Winsome Cheung, Emily Leonard, and George Jenkins (licensing/collaboration).

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