PureTech Health PLC (PRTC) Friday said KarXT, invented by the company, received approval from U.S. Food and Drug Administration for the treatment of schizophrenia in adults.
This approval triggers 2 milestone payments totaling $29 million, as per agreements with Royalty Pharma and PureTech's founded entity, Karuna Therapeutics, which was acquired by Bristol Myers Squibb (BMS) in March of 2024. Royalty Pharma had acquired an interest in PureTech's royalty in KarXT.
PureTech is also entitled to get additional future milestone payments and about 2 percent royalty on annual sales over $2 billion.
KarXT will be marketed by BMS under the brand name Cobenfy.
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Business News
June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.