Biohaven Ltd. develops clinical-stage biopharmaceutical programs across immunology, obesity, neuroscience and oncology. News about BHVN commonly centers on pipeline progress for Kv7 ion channel modulation in epilepsy, MoDE™ and TRAP™ extracellular protein degraders for immunological diseases, myostatin-activin pathway agents for neuromuscular and metabolic diseases, and antibody-drug conjugates in cancer.
Company updates also cover clinical trial enrollment and data presentations, scientific conference activity, regulatory interactions, quarterly financial results and capital-raising activity. Recurring program references include opakalim, taldefgrobep alfa, BHV-1300, BHV-1400, BHV-8000, BHV-1510 and BHV-1530.
Biohaven Ltd. (NYSE: BHVN) announced the closing of a public offering of 28,750,000 common shares at $10.50 each, including the underwriters' option for an additional 3,750,000 shares. The offering raised approximately $301.9 million in gross proceeds before expenses. J.P. Morgan, Cowen, SVB Securities, and Piper Sandler were the joint book-running managers for the offering. The shares were offered pursuant to effective registration statements filed with the SEC as of October 20, 2022.
Biohaven Ltd. (NYSE: BHVN) announced advancements in its MoDE extracellular target degrader platform technology, developed in collaboration with Yale University. This innovative platform aims to treat various diseases, including neurological disorders and cancer. Biohaven has filed additional patent applications, expanding its intellectual property portfolio related to the MoDE technology. The platform utilizes bifunctional synthetic molecules for the degradation of extracellular proteins, providing a novel therapeutic strategy distinct from existing methods. Biohaven aims to leverage these advancements in its drug development pipeline.
Biohaven Ltd. (NYSE: BHVN) has announced the pricing of a public offering of 25,000,000 common shares at a price of $10.50 per share. The underwriters have an option to purchase an additional 3,750,000 shares within 30 days. The offering is expected to close on October 25, 2022, pending customary closing conditions. Proceeds will be used for general corporate purposes. J.P. Morgan and other firms are managing the offering, which follows the SEC's declaration of the registration statement on October 20, 2022.
Biohaven Ltd. (NYSE: BHVN) announced a public offering of 20,000,000 common shares, with an additional option for underwriters to purchase up to 3,000,000 shares. The offering is filed under a registration statement with the SEC, which is currently not effective. Proceeds from the offering are intended for general corporate purposes. J.P. Morgan Securities LLC is the book-running manager of the offering. Investors should note that the offering cannot be completed until the registration becomes effective.
Biohaven Ltd. (NYSE: BHVN) has officially launched as a publicly traded company focused on neurological and neuropsychiatric treatments. The company operates independently following Pfizer's acquisition agreement in May 2022. With a launch capital of approximately $257.8 million and no debt, Biohaven aims to leverage its pipeline of clinical programs, including those for epilepsy, mood disorders, and spinal muscular atrophy. The leadership team, including new Chief Scientific Officer Bruce Car, has a strong legacy in drug development, particularly with the successful Nurtec ODT therapy.
Pfizer has completed its acquisition of Biohaven Pharmaceutical for $11.6 billion, paying $148.50 per share. This acquisition adds the innovative migraine therapy NURTEC® ODT and a portfolio of CGRP receptor antagonists, including rimegepant and zavegepant, to Pfizer's pipeline. These drugs aim to serve over 1 billion migraine patients globally. The merger enhances Pfizer's Internal Medicine portfolio with strong growth potential through 2030 and beyond. Biohaven became a wholly-owned subsidiary, while Biohaven Ltd. retained non-CGRP assets and will continue trading under the ticker BHVN.
On September 29, 2022, Biohaven Pharmaceutical (NYSE: BHVN) announced results from the HEALEY ALS Platform Trial investigating verdiperstat for amyotrophic lateral sclerosis (ALS). Unfortunately, verdiperstat failed to show statistically significant efficacy compared to placebo in key measures, including disease progression and survival over the 24-week study. Safety analysis was consistent with previous trial data. Biohaven remains dedicated to ALS treatment development despite the disappointing results, with complete findings expected at a future scientific meeting.
Biohaven Pharmaceutical (NYSE: BHVN) announced a record date of September 26, 2022 for the spin-off of its subsidiary, Biohaven Ltd. (SpinCo). The spin-off will encompass Kv7 ion channel activators and other platforms. Shareholders will receive one SpinCo share for every two common shares of Biohaven held. This distribution will take effect on the Distribution Date after shareholder approval on September 29, 2022. Common shares of SpinCo will trade on a "when-issued" basis under the symbol "BHVN WI" starting September 23, 2022.
Biohaven Pharmaceutical reports that nearly 49% of migraine patients discontinued barbiturate prescriptions within six months of starting Nurtec ODT. This study, based on 24,359 patients, indicates a significant reduction in mean monthly barbiturate prescriptions by 31.9% and a decrease in dispensed milligrams by 26.2%. Despite the addiction potential and side effects associated with barbiturates, they remain a common first-line treatment. The findings underscore the potential of Nurtec ODT as an alternative therapy for migraine management.
Biohaven Pharmaceutical, under ticker BHVN, reported Q2 2022 financial results showing a significant rebound in net product revenue from NURTEC ODT, totaling $194 million, a 57% sequential increase. The company faced a net loss of $441.4 million, or $6.21 per share, with adjustments revealing a non-GAAP loss of $271.4 million, or $3.82 per share. The FDA accepted the zavegepant NDA filing for acute migraine treatment, while the company completed antitrust approvals for its acquisition by Pfizer at a valuation of $11.6 billion.