Teva to acquire Emalex Biosciences for $700M at closing

Teva (TEVA) Pharmaceuticals, a U.S. affiliate of Teva Pharmaceutical Industries, and Emalex Biosciences announced a definitive agreement for Teva to acquire Emalex, including its lead asset, ecopipam. The positive Phase 3 data of ecopipam in children with Tourette syndrome demonstrated statistically significant results on the study’s primary efficacy endpoint, and the NDA submission is anticipated in 2H 2026. Upon closing, Teva will pay $700M, and Emalex’s shareholders will be eligible to receive up to $200M based on future commercial milestones as well as royalties on global net sales of ecopipam, subject to regulatory approval. The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals, and is currently anticipated to close by Q3 2026. Teva will fund the upfront payment using cash on hand. Teva intends to mitigate the near-term margin dilutive impact of this acquisition and remains on track to meet its 2027 financial targets.