11:53 AM EDT, 03/18/2024 (MT Newswires) -- Bristol-Myers Squibb ( BMY ) said Monday it has closed its acquisition of Karuna Therapeutics, expanding its neuroscience portfolio.

Karuna's shares have ceased trading on the Nasdaq Global Select Market and the company is now a wholly owned unit of Bristol-Myers.

Bristol-Myers said it expects the acquisition to be dilutive to its non-GAAP earnings by $0.30 per diluted share in 2024 due to the financing cost of the deal.

The company said the deal will be accounted for as an asset acquisition, leading to a roughly $12 billion one-time, non-deductible charge affecting both Q1 and full-year GAAP and non-GAAP EPS by about $5.93.

Karuna's lead asset, potential schizophrenia treatment KarXT, is under review by the US Food and Drug Administration, with a Prescription Drug User Fee Act date of Sept. 26, according to Bristol-Myers.

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