Biohaven Announces Pricing of $175 Million Public Offering of Common Shares

Rhea-AI Summary

Biohaven (NYSE: BHVN) priced an underwritten public offering of 23,333,334 common shares at $7.50 per share, with gross proceeds of approximately $175 million. The underwriters have a 30-day option to buy up to 3,500,000 additional shares at the public price less discounts and commissions.

The offering is expected to close on November 13, 2025, subject to customary conditions. Biohaven intends to use net proceeds for general corporate purposes. The shares will be issued under an effective Form S-3 shelf registration.

Positive

• Gross proceeds of $175 million
• Underwriters have option for 3.5 million additional shares
• Expected closing on November 13, 2025

Negative

• Issuance of 23,333,334 shares will dilute existing shareholders
• Net proceeds allocated to general corporate purposes (non-specific use)

News Market Reaction – BHVN

-6.69%

10 alerts

-6.69% Session close to close

+9.1% Peak Tracked

-4.1% Trough Tracked

$902.94M Market Cap

0.1x Rel. Volume

In the Nov 12 session, BHVN declined 6.69%, reflecting a notable negative market reaction. Argus tracked a peak move of +9.1% during that session. Argus tracked a trough of -4.1% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW HAVEN, Conn., Nov. 12, 2025 /PRNewswire/ -- Biohaven Ltd. (NYSE: BHVN), a global clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of life-changing therapies to treat a broad range of rare and common diseases, today announced the pricing of its underwritten public offering of 23,333,334 of its common shares at a price to the public of $7.50 per share.  In addition, Biohaven has granted the underwriters a 30-day option to purchase up to an additional 3,500,000 common shares at the public offering price, less underwriting discounts and commissions.  The gross proceeds from the offering are expected to be approximately $175 million before deducting underwriting discounts and commissions and offering expenses payable by Biohaven.  The offering is expected to close on November 13, 2025, subject to satisfaction of customary closing conditions.  Biohaven intends to use the net proceeds received from the offering for general corporate purposes.

J.P. Morgan, Goldman Sachs & Co. LLC, Leerink Partners, TD Cowen and Cantor are acting as book-running managers of the offering.

The offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained from the offices of the following: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, c/o Prospectus Department, 200 West Street, New York, NY 10282, via telephone: (866) 471-2526, via fax: 212 902-9316, or via email: prospectus-ny@ny.email.gs.com; Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525 ext. 6105 or by email at syndicate@leerink.com; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at TDManualrequest@broadridge.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, New York, New York 10022 or by email at prospectus@cantor.com.

The shares will be issued pursuant to an effective shelf registration statement on Form S-3.  Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.

Forward-looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "continue", "plan", "will", "believe", "may", "expect", "anticipate" and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the expected closing of the public offering and the expected use of proceeds therefrom are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: Biohaven's ability to complete the offering of its common shares on the proposed terms, or at all, and Biohaven's expectations related to the use of proceeds from the offering of its common shares. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven's filings with the Securities and Exchange Commission, including within the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking statements are made as of the date of this new release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:

Jennifer Porcelli
Vice-President, Investor Relations
jennifer.porcelli@biohavenpharma.com
201-248-0741

Media Contact:

Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
312-961-2502

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SOURCE Biohaven Ltd.

FAQ

How many shares did Biohaven (BHVN) offer and at what price on November 12, 2025?

Biohaven offered 23,333,334 common shares at $7.50 per share.

What are the total gross proceeds from Biohaven's (BHVN) November 2025 offering?

The offering yields approximately $175 million in gross proceeds before fees and expenses.

Does Biohaven (BHVN) grant any overallotment option in the November 2025 offering?

Yes; underwriters have a 30-day option to purchase up to 3,500,000 additional shares.

When is the Biohaven (BHVN) offering expected to close?

The offering is expected to close on November 13, 2025, subject to customary closing conditions.

How does Biohaven (BHVN) intend to use the net proceeds from the offering?

Biohaven intends to use net proceeds for general corporate purposes.

Under what registration statement will Biohaven (BHVN) issue the offered shares?

The shares will be issued pursuant to an effective Form S-3 shelf registration.