|
|
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
|
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange
on which registered
|
||
|
|
|
Item 8.01 |
Other Events.
|
A. |
The third full paragraph on page 34 (such paragraph beginning with “On October 20, 2023, Party A …”) of the Proxy Statement is hereby amended
and restated to read as follows:
|
B. |
The third full paragraph on page 36 (such paragraph beginning with “On December 12, 2023, Mr. Meury …”) of the Proxy Statement is hereby
amended and restated to read as follows:
|
C. |
The sixth full paragraph on page 38 (such paragraph beginning with “Also on December 19, 2023, Dr. Boerner …”) of the Proxy Statement is
hereby amended and restated to read as follows:
|
A. |
The last paragraph on page 49 under the heading “Illustrative Discounted Cash Flow Analysis” (such paragraph beginning with “Goldman Sachs
derived ranges …”) of the Proxy Statement is hereby amended and restated to read as follows:
|
B. |
The first full paragraph on page 49 under the heading “Premia Paid Analysis” (such paragraph beginning with “Goldman Sachs reviewed and
analyzed …”) of the Proxy Statement is hereby amended and restated to read as follows:
|
Announcement Date
|
Selected Acquisition Transactions
|
Premium to Undisturbed
Stock Price
|
|
Acquiror
|
Target
|
||
December 6, 2023
|
AbbVie Inc.
|
Cerevel Therapeutics
Holdings, Inc.
|
73%
|
November 30, 2023
|
AbbVie Inc.
|
ImmunoGen, Inc.
|
95%
|
April 16, 2023
|
Merck & Co., Inc.
|
Prometheus Biosciences, Inc.
|
75%
|
May 10, 2022
|
Pfizer Inc.
|
Biohaven Pharmaceutical
Holding Company Ltd.
|
79%
|
September 30, 2021
|
Merck & Co., Inc.
|
Acceleron Pharma Inc.
|
36%
|
October 5, 2020
|
Bristol-Myers Squibb Company
|
MyoKardia, Inc.
|
61%
|
November 24, 2019
|
Novartis AG
|
The Medicines Company
|
45%
|
June 17, 2019
|
Pfizer Inc.
|
Array BioPharma Inc.
|
63%
|
April 9, 2018
|
Novartis AG
|
AveXis, Inc.
|
88%
|
January 22, 2018
|
Sanofi SA
|
Bioverativ Inc.
|
64%
|
January 22, 2018
|
Celgene Corporation
|
Juno Therapeutics, Inc.
|
91%
|
A. |
The table on page 51 under the heading “Financial Projections (Risk-Adjusted) ($ in millions)” of the Proxy Statement is hereby amended and
restated as follows:
|
Fiscal Year Ending December 31,
|
||||||||||||||||||||||||||||||||||||
2023
|
2024
|
2025
|
2026
|
2027
|
2028
|
2029
|
2030
|
2031
|
||||||||||||||||||||||||||||
Revenue
|
$
|
0
|
$
|
22
|
$
|
152
|
$
|
517
|
$
|
1,001
|
$
|
1,607
|
$
|
2,432
|
$
|
2,996
|
$
|
3,689
|
||||||||||||||||||
Gross Profit(1)
|
$
|
0
|
$
|
22
|
$
|
141
|
$
|
474
|
$
|
860
|
$
|
1,438
|
$
|
2,166
|
$
|
2,668
|
$
|
3,452
|
||||||||||||||||||
Net Operating Profit After Tax(2)
|
$
|
(294
|
)
|
$
|
(424
|
)
|
$
|
(300
|
)
|
$
|
21
|
$
|
299
|
$
|
669
|
$
|
1,042
|
$
|
1,334
|
$
|
1,804
|
|||||||||||||||
Unlevered Free Cash Flow(3)
|
$
|
(299
|
)
|
$
|
(414
|
)
|
$
|
(306
|
)
|
$
|
(12
|
)
|
$
|
277
|
$
|
616
|
$
|
994
|
$
|
1,286
|
$
|
1,742
|
Fiscal Year Ending December 31,
|
||||||||||||||||||||||||||||||||||||
2032
|
2033
|
2034
|
2035
|
2036
|
2037
|
2038
|
2039
|
2040
|
||||||||||||||||||||||||||||
Revenue
|
$
|
4,419
|
$
|
5,086
|
$
|
5,725
|
$
|
6,329
|
$
|
6,950
|
$
|
7,520
|
$
|
8,070
|
$
|
6,865
|
$
|
2,794
|
||||||||||||||||||
Gross Profit
|
$
|
4,128
|
$
|
4,735
|
$
|
5,311
|
$
|
5,872
|
$
|
6,471
|
$
|
7,028
|
$
|
7,543
|
$
|
6,420
|
$
|
2,623
|
||||||||||||||||||
Net Operating Profit After Tax
|
$
|
2,212
|
$
|
2,577
|
$
|
2,919
|
$
|
3,250
|
$
|
3,593
|
$
|
3,927
|
$
|
4,227
|
$
|
3,549
|
$
|
1,298
|
||||||||||||||||||
Unlevered Free Cash Flow
|
$
|
2,150
|
$
|
2,509
|
$
|
2,849
|
$
|
3,182
|
$
|
3,525
|
$
|
3,877
|
$
|
4,172
|
$
|
3,554
|
$
|
1,274
|
Fiscal Year Ending December 31,
|
||||||||||||||||||||||||||||||||
2041
|
2042
|
2043
|
2044
|
2045
|
2046
|
2047
|
2048
|
|||||||||||||||||||||||||
Revenue
|
$
|
2,532
|
$
|
2,501
|
$
|
2,547
|
$
|
2,552
|
$
|
2,567
|
$
|
2,050
|
$
|
1,506
|
$
|
1,315
|
||||||||||||||||
Gross Profit
|
$
|
2,381
|
$
|
2,354
|
$
|
2,399
|
$
|
2,405
|
$
|
2,418
|
$
|
1,947
|
$
|
1,430
|
$
|
1,250
|
||||||||||||||||
Net Operating Profit After Tax
|
$
|
1,155
|
$
|
1,137
|
$
|
1,160
|
$
|
1,160
|
$
|
1,165
|
$
|
923
|
$
|
655
|
$
|
561
|
||||||||||||||||
Unlevered Free Cash Flow
|
$
|
1,128
|
$
|
1,109
|
$
|
1,137
|
$
|
1,151
|
$
|
1,159
|
$
|
920
|
$
|
654
|
$
|
560
|
(1) |
“Gross Profit” is a non-GAAP measure and refers to Karuna’s non-GAAP
Risk-Adjusted Revenue less cost of goods sold.
|
(2) |
“Net Operating Profit After Tax” is a non-GAAP measure and refers to Karuna’s
non-GAAP gross profit, less research and development
expenses, less sales, general and administrative expenses,
less tax.
|
(3) |
“Unlevered Free Cash Flow” is a non-GAAP measure and refers to non-GAAP Net Operating Profit After Tax, less capital expenditures and changes in net
working capital, plus depreciation and amortization. Unlevered Free Cash Flow excludes free cash flow benefits from net operating losses.
|
B. |
The following paragraph is added on page 51 immediately following the table under the heading “Financial Projections (Risk-Adjusted)” of the
Proxy Statement:
|
KARUNA THERAPEUTICS, INC.
|
||
Date: March 1, 2024
|
By:
|
/s/ Mia Kelley |
Mia Kelley
|
||
General Counsel and Secretary
|
Document and Entity Information |
Mar. 01, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 01, 2024 |
Entity File Number | 001-38958 |
Entity Registrant Name | Karuna Therapeutics, Inc. |
Entity Central Index Key | 0001771917 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 27-0605902 |
Entity Address, Address Line One | 99 High Street |
Entity Address, Address Line Two | Floor 26 |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02110 |
City Area Code | 857 |
Local Phone Number | 449-2244 |
Title of 12(b) Security | Common stock, par value $0.0001 |
Trading Symbol | KRTX |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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