<SEC-DOCUMENT>0001140361-23-059165.txt : 20231222
<SEC-HEADER>0001140361-23-059165.hdr.sgml : 20231222
<ACCEPTANCE-DATETIME>20231222162147
ACCESSION NUMBER:		0001140361-23-059165
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231222
DATE AS OF CHANGE:		20231222

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Karuna Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001771917
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				270605902
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38958
		FILM NUMBER:		231510105

	BUSINESS ADDRESS:	
		STREET 1:		99 HIGH STREET
		STREET 2:		26TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		857-449-2244

	MAIL ADDRESS:	
		STREET 1:		99 HIGH STREET
		STREET 2:		26TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRISTOL MYERS SQUIBB CO
		CENTRAL INDEX KEY:			0000014272
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				220790350
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543
		BUSINESS PHONE:		6092524621

	MAIL ADDRESS:	
		STREET 1:		ROUTE 206 AND PROVINCE LINE ROAD
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08543

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRISTOL MYERS CO
		DATE OF NAME CHANGE:	19891012
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
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<FILENAME>ef20017313_dfan14a.htm
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<TEXT>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <font style="font-size: 14pt;"> </font>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
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        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align: center;"></div>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <br>
      <div>
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      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Pursuant to Section 13 OR 15(d) of</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">The Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Date of Report (Date of earliest event reported): December 22, 2023</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align: center;"></div>
      <div><br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">BRISTOL-MYERS SQUIBB COMPANY<br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Exact name of registrant as specified in its charter)</div>
      <br>
      <div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Delaware<br>
              </div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">001-01136<br>
              </div>
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            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">22-0790350<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(State or Other Jurisdiction of Incorporation)</div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Commission File Number)</div>
            </td>
            <td style="width: 33%; vertical-align: top;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(IRS Employer Identification Number)</div>
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      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Route 206 &amp; Province Line Road<br>
        Princeton, New Jersey, 08543</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Address of principal executive offices) (zip code)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Registrant&#8217;s telephone number, including area code: (609) 252-4621</div>
      <div>
        <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> <br>
        </div>
        <div>
          <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 22%; color: #000000; text-align: center;"></div>
      </div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions (see<font style="font-style: italic;">&#160;</font>General Instruction A.2. below):</div>
      <div><br>
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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
            </td>
          </tr>

      </table>
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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
            </td>
          </tr>

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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
            </td>
          </tr>

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      <div><br>
      </div>
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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;<br>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Securities registered pursuant to Section 12(b) of the Act:</div>
      <div><br>
      </div>
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            <td style="width: 33.54%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Title of each class</div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Trading Symbol(s)</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Name of each exchange on which registered</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.54%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Common Stock, $0.10 Par Value<br>
              </div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom; text-align: center;">BMY</td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.54%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">1.000% Notes due 2025<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">BMY25<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.54%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">1.750% Notes due 2035<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">BMY35<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.54%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">Celgene Contingent Value Rights<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 19.99%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">CELG RT<br>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="text-align: center; color: rgb(0, 0, 0);">New York Stock Exchange<br>
              </div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
        chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">Emerging growth company &#9744;</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
        new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>
      <div style="color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="color: rgb(0, 0, 0);">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Item 8.01.</font>&#160;<font style="font-weight: bold;">Other Events.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">On December 22, 2023, Bristol-Myers Squibb Company (&#8220;BMS&#8221;), and Karuna Therapeutics, Inc. (&#8220;Karuna&#8221;), issued a joint press release
        announcing that BMS, Karuna and Miramar Merger Sub Inc., a wholly owned subsidiary of BMS (&#8220;Merger Sub&#8221;), have signed an agreement and plan of merger (the &#8220;Merger Agreement&#8221;) providing that, on the terms and subject to the conditions set forth
        therein, Merger Sub will merge with and into Karuna, with Karuna surviving as a wholly owned subsidiary of BMS (the &#8220;Merger&#8221;). In the Merger, each share of Karuna common stock issued and outstanding immediately prior to the effective time of the
        Merger (other than certain excluded shares as described in the Merger Agreement) will automatically be converted into the right to receive $330.00 in cash, without interest, and subject to any required withholding taxes. A copy of the joint press
        release announcing the Merger is filed as Exhibit 99.1 to this report and is incorporated herein by reference.</div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Additional Information and Where to Find it</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">In connection with the proposed acquisition of Karuna by BMS, Karuna intends to file a preliminary and definitive proxy statement.
        The definitive proxy statement and proxy card will be delivered to the stockholders of Karuna in advance of the special meeting relating to the proposed acquisition. This report is not a substitute for the proxy statement or any other document that
        may be filed by Karuna with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;). KARUNA&#8217;S STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY
        EACH OF BMS AND KARUNA WITH THE SEC IN CONNECTION WITH THE PROPOSED ACQUISITION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES TO THE PROPOSED ACQUISITION.
        Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about BMS and Karuna, once such documents are filed with the SEC, through the website maintained by
        the SEC at www.sec.gov. BMS and Karuna make available free of charge at BMS&#8217; website at www.bms.com/investors and Karuna&#8217;s website at www.investors.karunatx.com, respectively, copies of materials they file with, or furnish to, the SEC.</div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Participants in the Solicitation</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">This report does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any
        securities. BMS, Karuna and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Karuna in connection with the proposed acquisition.
        Information regarding BMS&#8217; directors and executive officers is contained in BMS&#8217; Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 14, 2023, and its definitive proxy statement for the
        2023 annual meeting of stockholders, which was filed with the SEC on March 23, 2023. Information regarding Karuna&#8217;s directors and executive officers is contained in Karuna&#8217;s definitive proxy statement for the 2023 annual meeting of stockholders,
        which was filed with the SEC on April 27, 2023. To the extent holdings of BMS&#8217; or Karuna&#8217;s securities by their respective directors or executive officers have changed since the amounts set forth in such 2023 proxy statements, such changes have been
        or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the identity of potential participants, and their direct or indirect
        interests, by security holdings or otherwise, will be included in the definitive proxy statement relating to the proposed acquisition when it is filed with the SEC. These documents (when available) may be obtained free of charge from the SEC&#8217;s
        website at www.sec.gov, BMS&#8217; website at www.bms.com and Karuna&#8217;s website at www.karunatx.com.</div>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">This report contains &#8220;forward-looking statements&#8221; within the
          meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the proposed acquisition of Karuna by BMS, the expected timetable for completing
          the transaction, future opportunities for the combined businesses, the expected benefits of BMS&#8217; acquisition of Karuna and the development and commercialization of Karuna&#8217;s product candidates, including the therapeutic and commercial potential of
          KarXT</font>&#160;<font style="color: rgb(0, 0, 0);">and Karuna&#8217;s other technologies and products in development. These statements
          may be identified by the fact they use words such as &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;may,&#8221; &#8220;project,&#8221; &#8220;guidance,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;will&#8221; and other words and terms of similar meaning and expression in
          connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking
          statements. These statements are only predictions, and such forward-looking statements are based on current expectations and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or
          change any of them, that are difficult to predict, may be beyond our control and could cause actual outcomes and results to differ materially from those expressed in, or implied by, the forward-looking statements. Actual results may differ
          materially because of numerous risks and uncertainties including with respect to (i) the approval of Karuna&#8217;s stockholders of the proposed acquisition, which may be delayed or may not be obtained, (ii) the risk that the expected benefits or
          synergies of the acquisition will not be realized, (iii) the risk that legal proceedings may be instituted related to the Merger Agreement, (iv) any competing offers or acquisition proposals for Karuna, (v) the possibility that various conditions
          to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the acquisition and (vii) unanticipated difficulties or expenditures relating to the
          proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention as a result of the announcement and pendency of the proposed acquisition. The
          actual financial impact of this transaction may differ from the expected financial impact described in this report. In addition, the compounds described in this report are subject to all the risks inherent in the drug development process, and
          there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this report should be evaluated together with the many risks and
          uncertainties that affect BMS&#8217; business and market, particularly those identified in the cautionary statement and risk factors discussion in BMS&#8217; Annual Report on Form 10-K for the year ended December 31, 2022, and Karuna&#8217;s business, particularly
          those identified in the risk factors discussion in Karuna&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022, as well as other documents that may be filed by BMS or Karuna from time to time with the SEC. Neither BMS nor Karuna
          undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements made in this report relate only
          to events as of the date on which the statements are made and readers are cautioned not to place undue reliance on such statements.</font></div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0);"><font style="font-weight: bold;">Item 9.01</font>&#160;<font style="font-weight: bold;">Financial Statements and Exhibits.</font></div>
      <div>&#160;</div>
      <div style="color: rgb(0, 0, 0);">(d) Exhibits</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">The following exhibits are included as part of this Current Report on Form 8-K:</div>
      <div>&#160;</div>
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          <tr>
            <td style="width: 10.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td style="width: 89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Description</div>
            </td>
          </tr>
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            <td style="width: 10.16%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">99.1</div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Joint Press Release of Bristol-Myers Squibb Company and Karuna Therapeutics, Inc., dated December 22, 2023.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.16%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">104</div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).</div>
            </td>
          </tr>

      </table>
      <div> <br>
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      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">EXHIBIT INDEX</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z91a49f8195c746a4a2952e959c7673a9">

          <tr>
            <td style="width: 10.16%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Exhibit No.</div>
            </td>
            <td style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td style="width: 89%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0); font-weight: bold;">Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.16%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);"><a href="ef20017313_ex99-1.htm">99.1</a></div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Joint Press Release of Bristol-Myers Squibb Company and Karuna Therapeutics, Inc., dated December 22, 2023.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10.16%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">104</div>
            </td>
            <td style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 89%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).</div>
            </td>
          </tr>

      </table>
      <div> <br>
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      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be
        signed on its behalf by the undersigned hereunto duly authorized.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9372960bab9a419baa62dd5f3acf616f">

          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">BRISTOL-MYERS SQUIBB COMPANY</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Dated: December 22, 2023</div>
            </td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">By:</div>
            </td>
            <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">/s/ Kimberly M. Jablonski</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Name:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Kimberly M. Jablonski</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 10%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Title:</div>
            </td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Corporate Secretary</div>
            </td>
          </tr>

      </table>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20017313_ex99-1.htm
<DESCRIPTION>JOINT PRESS RELEASE OF BRISTOL-MYERS SQUIBB COMPANY AND KARUNA THERAPEUTICS, INC.
<TEXT>
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  <div>
    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div> <br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Bristol Myers Squibb Strengthens Neuroscience Portfolio with Acquisition of Karuna Therapeutics</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Transaction Delivers KarXT, a First-in-Class M1 / M4 Muscarinic Receptor Agonist, with Differentiated Efficacy and Safety</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">KarXT Is a Potential First-in-Class Treatment for Schizophrenia and as an Adjunctive Therapy, and First-in-Disease Treatment for Alzheimer&#8217;s Disease
      Psychosis, with Promise in Additional Neuropsychiatric and Neurodegenerative Indications</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">KarXT Is Expected to Launch in the U.S. for the Treatment of Schizophrenia in Adults with a Prescription Drug User Fee Act Date of September 26, 2024</div>
    <div><br>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Bristol Myers Squibb to Host a Conference Call Today at 8:00 a.m. ET</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PRINCETON, N.J. &amp; BOSTON, M.A. &#8211; December 22, 2023 &#8211;</font> Bristol Myers Squibb
      (NYSE: BMY) and Karuna Therapeutics, Inc. (NASDAQ: KRTX) (&#8220;Karuna&#8221;) today announced that they have entered into a definitive merger agreement under which Bristol Myers Squibb has agreed to acquire Karuna for $330.00 per share in cash, for a total
      equity value of $14.0 billion, or $12.7 billion net of estimated cash acquired. The transaction was unanimously approved by both the Bristol Myers Squibb and Karuna Boards of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Karuna is a biopharmaceutical company driven to discover, develop and deliver transformative medicines for people living with psychiatric and neurological conditions.
      Karuna&#8217;s lead asset, KarXT (xanomeline-trospium), is an antipsychotic with a novel mechanism of action (MoA) and differentiated efficacy and safety. Karuna&#8217;s New Drug Application (NDA) for KarXT for the treatment of schizophrenia in adults was
      accepted for review by the U.S. Food and Drug Administration (FDA), with a Prescription Drug User Fee Act (PDUFA) date of September 26, 2024. KarXT is also in registrational trials both for adjunctive therapy to existing standard of care agents in
      schizophrenia and for the treatment of psychosis in patients with Alzheimer&#8217;s disease. Bristol Myers Squibb believes KarXT represents a significant revenue contribution opportunity. Bristol Myers Squibb also sees potential from Karuna&#8217;s early-stage
      and pre-clinical pipeline.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;There are tremendous opportunities in neuroscience, and Karuna strengthens our position and accelerates the expansion and diversification of our portfolio in the space. We
      expect KarXT to enhance our growth through the late 2020s and into the next decade,&#8221; said Christopher Boerner, Ph.D., Chief Executive Officer of Bristol Myers Squibb. &#8220;This transaction fits squarely within our business development priorities of
      pursuing assets that are strategically aligned, scientifically sound, financially attractive, and have the potential to address areas of significant unmet medical need. We look forward to welcoming the talented Karuna team to Bristol Myers Squibb.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Schizophrenia and Alzheimer&#8217;s disease psychosis affect millions of people worldwide, with limited to no treatment options. KarXT&#8217;s novel mechanism has resulted in a
      transformational profile in schizophrenia, with compelling efficacy and a differentiated safety profile,&#8221; said Samit Hirawat, M.D., Executive Vice President, Chief Medical Officer, Drug Development of Bristol Myers Squibb. &#8220;KarXT also has the
      potential to deliver meaningful benefits to patients as an adjunctive treatment for patients with schizophrenia and as a first treatment for Alzheimer&#8217;s disease psychosis.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Bill Meury, President and Chief Executive Officer of Karuna Therapeutics, said, &#8220;Karuna&#8217;s portfolio offers advancements in treatment not seen in many years. With Bristol
      Myers Squibb&#8217;s long-standing expertise in developing and commercializing medicines on a global scale and legacy in neuroscience, KarXT and the other assets in our pipeline will be well-positioned to reach those living with schizophrenia and
      Alzheimer&#8217;s disease psychosis. This announcement is a testament to the Karuna team&#8217;s talent, hard work, and innovation.&#8221;</div>
    <div><br>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Delivering Meaningful Benefits to Patients with KarXT</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">KarXT targets both the M1 and M4 muscarinic receptors, resulting in a differentiated safety and efficacy profile. KarXT has demonstrated improvements in cognition and is
      not associated with common side effects of currently approved treatments, including no meaningful weight gain, extrapyramidal symptoms, increased prolactin levels, akathisia and/or sedation.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Given this differentiated profile, KarXT has meaningful and expanding revenue potential in schizophrenia and with upside in additional indications and geographies:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z78f16513abee428ba312194141a03374" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Schizophrenia: </font>KarXT is expected to launch in late 2024 in the U.S. as a treatment for
              schizophrenia in adults. There are approximately 1.6 million<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> people treated for schizophrenia in the U.S., a significant portion of whom do not respond to currently available therapies and experience unacceptable side effects.</div>
          </td>
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    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z008e70c42d9a4d4d8d461f4072f73756" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Adjunctive schizophrenia:</font> A registrational clinical trial is currently underway evaluating
              KarXT as adjunctive treatment with current standard of care agents for the treatment of schizophrenia, with data expected in 2025.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd479087158bc45ddb892d469cc87df1a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Alzheimer&#8217;s disease psychosis:</font> Registrational clinical trials are currently underway
              evaluating KarXT for the treatment of Alzheimer&#8217;s disease psychosis, with data expected in 2026. There are more than 6 million<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> people living with Alzheimer&#8217;s disease in the U.S. There are currently no approved treatments for
              Alzheimer&#8217;s disease psychosis.</div>
          </td>
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    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1c17da2b115442f29127b7c6330411b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: left;">
            <div style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Additional indications:</font> Bristol Myers Squibb believes KarXT also has potential in additional
              indications, including Bipolar I disorder, which impacts approximately 1.4 million<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> people in the U.S., and Alzheimer&#8217;s disease agitation.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The transaction is expected to be dilutive to Bristol Myers Squibb&#8217;s non-GAAP diluted earnings per share by approximately $0.30 in 2024 from the financing cost of the
      transaction, as Bristol Myers Squibb expects to offset the operational expenses of the transaction through continued resource allocation, cost efficiencies and portfolio prioritization. The accounting treatment as a business combination or asset
      acquisition will be determined upon the expected close of the transaction. Bristol Myers Squibb expects to finance the acquisition with primarily new debt issuance. Bristol Myers Squibb&#8217;s cash flows and strong financial profile enable continued
      commitment to strong investment-grade credit ratings and investment for growth through business development opportunities and distributions to shareholders through ongoing dividends and share repurchases.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Transaction Terms and Financing</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Under the terms of the merger agreement, Bristol Myers Squibb will acquire all outstanding shares of Karuna common stock for $330.00 per share in cash representing an
      approximately 53.4% premium to Karuna Therapeutic&#8217;s closing stock price on December 21, 2023, for a total equity value of approximately $14.0 billion, or $12.7 billion net of estimated cash acquired.<br>
      <br>
    </div>
    <div>
      <hr noshade="noshade" align="left" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto 0px 0px; height: 2px; width: 25%; color: #000000; text-align: left;"> </div>
    <div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Source: DRG &#8211; Clarivate, as of July 2023.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Source: &#8220;Alzheimer&#8217;s Disease Association Facts and Figures,&#8221; 2023.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including approval of Karuna stockholders and receipt of required
      regulatory approvals.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Conference Call Information</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Bristol Myers Squibb will host a conference call today, Friday, December 22, 2023, at 8:00 a.m. ET during which company executives will review discuss the transaction and
      address inquiries from investors and analysts. Investors and the general public are invited to listen to a live webcast of the call at <u>http://investor.bms.com</u>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Investors and the public can register for the live conference call <u>here</u>. Those unable to register can access the live conference call by dialing in the U.S.
      toll-free 1-866-777-2509 or international +1 412-317-5413. Materials related to the call will be available at <u>http://investor.bms.com</u> prior to the start of the conference call.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">A replay of the webcast will be available at <u>http://investor.bms.com</u> approximately three hours after the conference call concludes. A replay of the conference call
      will be available beginning at 11:30 a.m. ET on December 22, 2023, through 11:30 a.m. ET on January 4, 2024, by dialing in the U.S. toll free 1-877-344-7529 or international +1 412-317-0088, confirmation code: 3194180.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Advisors</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Gordon Dyal &amp; Co. and Citi are serving as financial advisors to Bristol Myers Squibb, and Covington &amp; Burling LLP is serving as legal counsel. Goldman Sachs &amp;
      Co. LLC is serving as exclusive financial advisor to Karuna, and Simpson Thacher &amp; Bartlett LLP is serving as legal counsel.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">About Bristol Myers Squibb</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious
      diseases. For more information about Bristol Myers Squibb, visit us at <u>BMS.com</u> or follow us on <u>LinkedIn</u>, <u>Twitter</u>, <u>YouTube</u>, <u>Facebook</u>, and <u>Instagram</u>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">About Karuna Therapeutics</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Karuna Therapeutics is a biopharmaceutical company driven to discover, develop, and deliver transformative medicines for people living with psychiatric and neurological
      conditions. At Karuna, we understand there is a need for differentiated and more effective treatments that can help patients navigate the challenges presented by serious mental illness. Utilizing our extensive knowledge of neuroscience, we are
      harnessing the untapped potential of the brain in pursuit of novel pathways to develop medicines that make meaningful differences in peoples&#8217; lives. For more information, please visit <u>www.karunatx.com</u>.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Additional Information and Where to Find It</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, Karuna Therapeutics intends to file a preliminary and definitive proxy
      statement. The definitive proxy statement and proxy card will be delivered to the stockholders of Karuna Therapeutics in advance of the special meeting relating to the proposed acquisition. This press release is not a substitute for the proxy
      statement or any other document that may be filed by Karuna Therapeutics with the SEC. KARUNA THERAPEUTICS&#8217; STOCKHOLDERS AND INVESTORS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS
      FILED BY EACH OF BRISTOL MYERS SQUIBB AND KARUNA THERAPEUTICS WITH THE SEC IN CONNECTION WITH THE PROPOSED ACQUISITION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES
      TO THE PROPOSED ACQUISITION. Investors and security holders will be able to obtain a free copy of the proxy statement and such other documents containing important information about Bristol Myers Squibb and Karuna Therapeutics, once such documents
      are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Bristol Myers Squibb and Karuna Therapeutics make available free of charge at Bristol Myers Squibb&#8217;s website at www.bms.com/investors and Karuna Therapeutics&#8217; website
      at<font style="font-family: 'Times New Roman'; font-size: 10pt;"><u>&#160;</u></font>https://karunatx.com/, respectively, copies of materials they file with, or furnish to, the SEC.</div>
    <div><br>
    </div>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Participants in the Solicitation</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">This press release does not constitute a solicitation of a proxy, an offer to purchase or a solicitation of an offer to sell any securities. Bristol Myers Squibb, Karuna
      Therapeutics and their respective directors, executive officers and certain employees may be deemed to be participants in the solicitation of proxies from the stockholders of Karuna Therapeutics in connection with the proposed acquisition.
      Information regarding Bristol Myers Squibb&#8217;s directors and executive officers is contained in Bristol Myer Squibb&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on February 14, 2023, and its
      definitive proxy statement for the 2023 annual meeting of stockholders, which was filed with the SEC on March 23, 2023. Information regarding Karuna Therapeutics&#8217; directors and executive officers is contained in Karuna Therapeutics&#8217; definitive proxy
      statement for the 2023 annual meeting of stockholders, which was filed with the SEC on April 27, 2023. To the extent holdings of Bristol Myers Squibb&#8217;s or Karuna Therapeutics&#8217; securities by their respective directors or executive officers have
      changed since the amounts set forth in such 2023 proxy statements, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional
      information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement relating to the proposed acquisition when it is filed with the
      SEC. These documents (when available) may be obtained free of charge from the SEC&#8217;s website at www.sec.gov, Bristol Myers Squibb&#8217;s website at www.bms.com and Karuna Therapeutics&#8217; website at https://karunatx.com/.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Cautionary Statement Regarding Forward-Looking Statements</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">This press release contains &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
      Exchange Act of 1934, as amended, regarding, among other things, the proposed acquisition of Karuna Therapeutics by Bristol Myers Squibb, the expected timetable for completing the transaction, future opportunities for the combined businesses, the
      expected benefits of Bristol Myers Squibb&#8217;s acquisition of Karuna Therapeutics and the development and commercialization of Karuna Therapeutics&#8217; product candidates, including the therapeutic and commercial potential of KarXT and Karuna Therapeutics&#8217;
      other technologies and products in development. These statements may be identified by the fact they use words such as &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;may,&#8221; &#8220;project,&#8221; &#8220;guidance,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;will&#8221;
      and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. All statements that are not statements of
      historical facts are, or may be deemed to be, forward-looking statements. These statements are only predictions, and such forward-looking statements are based on current expectations and involve inherent risks, assumptions and uncertainties,
      including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond our control and could cause actual outcomes and results to differ materially from those expressed in, or implied by,
      the forward-looking statements. Actual results may differ materially because of numerous risks and uncertainties including with respect to (i) the approval of Karuna Therapeutics&#8217; stockholders of the proposed acquisition, which may be delayed or may
      not be obtained, (ii) the risk that the expected benefits or synergies of the acquisition will not be realized, (iii) the risk that legal proceedings may be instituted related to the merger agreement, (iv) any competing offers or acquisition
      proposals for Karuna Therapeutics, (v) the possibility that various conditions to the consummation of the acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the
      acquisition and (vii) unanticipated difficulties or expenditures relating to the proposed acquisition, including the response of business partners and competitors to the announcement of the proposed acquisition or difficulties in employee retention
      as a result of the announcement and pendency of the proposed acquisition. The actual financial impact of this transaction may differ from the expected financial impact described in this press release. In addition, the compounds described in this
      press release are subject to all the risks inherent in the drug development process, and there can be no assurance that the development of these compounds will be commercially successful. No forward-looking statement can be guaranteed.
      Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb&#8217;s business and market, particularly those identified in the cautionary statement and risk factors
      discussion in Bristol Myers Squibb&#8217;s Annual Report on Form 10-K for the year ended December 31, 2022, and Karuna Therapeutics&#8217; business, particularly those identified in the risk factors discussion in Karuna Therapeutics&#8217; Annual Report on Form 10-K
      for the year ended December 31, 2022, as well as other documents that may be filed by Bristol Myers Squibb or Karuna Therapeutics from time to time with the SEC. Neither Bristol Myers Squibb nor Karuna Therapeutics undertakes any obligation to
      publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements made in this press release relate only to events as of the date on
      which the statements are made and readers are cautioned not to place undue reliance on such statements.</div>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Use of Non-GAAP Financial Information and Financial Guidance</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">In discussing financial guidance, Bristol Myers Squibb refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
      The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this communication that are calculated and presented in accordance with GAAP and are presented because management has evaluated the
      company&#8217;s financial results both including and excluding the adjusted items or the effects of foreign currency translation, as applicable, and believes that the non-GAAP financial measures presented portray the results of the company&#8217;s baseline
      performance, supplement or enhance management, analysts and investors overall understanding of the company&#8217;s underlying financial performance and trends and facilitate comparisons among current, past and future periods.</div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Non-GAAP earnings and related EPS information are adjusted to exclude certain costs, expenses, gains and losses and other specified items that are evaluated on an
      individual basis after considering their quantitative and qualitative aspects and typically have one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a
      particular period or not indicative of past or future operating results. These items are excluded from non-GAAP earnings and related EPS information because Bristol Myers Squibb believes they neither relate to the ordinary course of Bristol Myers
      Squibb&#8217;s business nor reflect Bristol Myers Squibb&#8217;s underlying business performance. Similar charges or gains were recognized in prior periods and will likely reoccur in future periods.</div>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to or as a substitute for the related financial
        measures that are prepared in accordance with GAAP and are not intended to be considered in isolation and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in
        the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.</div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">A reconciliation of the forward-looking non-GAAP measures presented in this communication is not provided due to the inherent difficulty in forecasting and quantifying
      items that are necessary for such reconciliation. Namely, we are not able to reliably predict the impact of specified items such as unwind of inventory purchase price adjustments, accelerated depreciation and impairment of property, plant and
      equipment and intangible assets and stock compensation resulting from acquisition-related equity awards, or currency exchange rates beyond the next twelve months. As a result, the reconciliation of these non-GAAP measures to the most directly
      comparable GAAP measures is not available without unreasonable effort. In addition, Bristol Myers Squibb believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the
      specified items may have a significant and unpredictable impact on our future GAAP results. In addition, the non-GAAP financial guidance in this communication excludes the impact of any potential additional future strategic acquisitions and
      divestitures and any specified items that have not yet been identified and quantified. The financial guidance is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this communication.</div>
    <div><br>
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    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Contacts</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Bristol Myers Squibb</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Media Inquiries:</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Media: <u>media@bms.com</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investors:</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Investor Relations: <u>investor.relations@bms.com</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Karuna Therapeutics</u></div>
    <div><br>
    </div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Investors:</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Alexis Smith</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">+1 (617) 352-9917</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><u>asmith@karunatx.com</u></div>
    <div><br>
    </div>
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