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 $700 million, and Emalex's shareholders will be eligible to receive up to $200 million based on future commercial milestones as well as royalties on global net sales of ecopipam, subject to regulatory approval.

"This is a prime example of our Pivot to Growth strategy in action, advancing focused, capital-efficient agreements that expand our late-stage innovative pipeline and commercial portfolio, while delivering on our unrelenting commitment to patients," said Richard Francis, President and Chief Executive Officer of Teva. "There is a real unmet need in Tourette syndrome, and families deserve additional options that can help manage symptoms while minimizing side effects. With our deep neuroscience expertise, we are well-positioned to advance this first-in-class investigational compound."

Ecopipam is a registration-ready selective dopamine D1 receptor antagonist for the treatment of pediatric Tourette syndrome. Currently approved Tourette syndrome medications act primarily on D2 receptors.

Eric Messner, Chief Executive Officer of Emalex, said, "This moment reflects years of focused work to advance a first-in-class therapy for patients with Tourette syndrome who need better options. I'm deeply grateful to the Emalex team for the rigor and urgency they've brought to this program, and to the patients, families, and investigators who made this progress possible. Teva's global scale and neuroscience leadership position will help ecopipam reach patients as quickly and broadly as possible, which is our goal."

Paragon Biosciences, which founded Emalex, creates, builds and funds innovative biology-based companies.

"We built Emalex around a clear patient need and advanced ecopipam to late-stage readiness with speed and precision. At Paragon, we take companies with proven science and a clear path to patients, then choose the fastest way to reach them. Teva brings the scale and neuroscience expertise to execute globally and accelerate access for patients," said Jeff Aronin, Paragon Biosciences CEO and Emalex Chairman.

Teva is hosting its quarterly earnings call today, April 29, 2026, at 8:00 a.m. EDT, [link] to share its Q1 2026 financial results. During that call, Teva will also discuss this acquisition.

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.