04:13 AM EDT, 09/27/2024 (MT Newswires) -- PureTech Health ( PRTC ) said Friday that the US Food and Drug Administration has approved KarXT for the treatment of schizophrenia in adults, trigging milestone payments totaling $29 million pursuant to a royalty agreement with Royalty Pharma.

The drug, which was originally invented and advanced by the company, is currently under stewardship of Bristol Myers Squibb ( BMY ) following its acquisition of former PureTech subsidiary, Karuna Therapeutics, the company said.

PureTech said it generated over $1.1 billion from the monetization of its equity holdings in Karuna, including the proceeds from the sale to Bristol Myers Squibb ( BMY ) and the royalty deal with Royalty Pharma.

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