Stock Monitor: Myovant Sciences Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 21, 2018 / If you want access to our free research report on Biohaven Pharma Holding Co. Ltd (BHVN) ("Biohaven"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BHVN as the Company's latest news hit the wire. On June 19, 2018, the Company announced that it has sold tiered, sales-based participation rights on future global net sales of products containing rimegepant (BHV-3000), or BHV-3500, and certain derivative compounds thereof to Royalty Pharma for $100 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Biohaven Pharma Holding most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Funding will Provide Biohaven the Resources to Support Biohaven's Rimegepant Development Program through NDA Filing
Royalty Pharma will also purchase $50 million in common shares of Biohaven at a price of $45.00 per share, representing an approximately 19% premium over the 15-day volume-weighted average price. The participation rate commences at 2.10% on global annual net sales of products up to and equal to $1.5 billion, declining to 1.50% on global annual net sales of products exceeding $1.5 billion. These transactions are expected to provide sufficient cash to fund operations through the end of 2019.
This total of $150 million funding will provide Biohaven the resources to support the rimegepant development program through an NDA filing; the progression of BHV-3500 into a Phase-2 study; the advancement of the glutamate modulator platform; and a further development of the Company's earlier pipeline and clinical infrastructure.
Transaction Demonstrates Value of Biohaven's Late-Stage CGRP-Receptor Antagonist Products in Migraine
Commenting on the announcement, Vlad Coric, M.D., Chief Executive Officer (CEO) of Biohaven, stated that this transaction will allow the Company to fully fund its current pipeline portfolio through the end of 2019, and demonstrates the value of Biohaven's late-stage calcitonin gene-related peptide (CGRP)-receptor antagonist products in migraine. Coric added that the Company is excited that Royalty Pharma will be joining as investors in Biohaven and looks forward to their participation as it continues to advance its product development candidates into the clinic with the goal of bringing new novel treatments to patients in areas of high unmet need.
News report suggests that post announcement of the news, shares of Biohaven surged in pre-market trade.
Biohaven Inked Restructuring License Deal with Bristol-Myers Squibb to Reduce Royalties Payable on its Migraine Product Candidates
On March 12, 2018, the Company announced a restructuring of its global license agreement with Bristol-Myers Squibb Co. for Biohaven's small molecule CGRP receptor antagonist platform, which includes its product candidates, rimegepant, for the acute treatment of migraine; as well as BHV-3500, for the acute treatment and prevention of migraine. As part of the restructuring, Biohaven would make an upfront payment of $50 million to Bristol-Myers Squibb in return for a low-single digit reduction in the royalties payable on the net sales of rimegepant, and a mid-single digit reduction in the royalties payable on the net sales of BHV-3500.
About Royalty Pharma
Established in 1996, Royalty Pharma is the industry leader in investing in marketed and late stage biopharmaceutical products. Central to Royalty Pharma's investment strategy is acquiring economic interests in leading pharmaceutical and biotechnology products, and holding these interests for the long-term as part of a diversified portfolio.
About Biohaven Pharmaceutical Holding Co. Ltd
Founded in 2013 and headquartered in New Haven, Connecticut, Biohaven is a clinical-stage biopharmaceutical organization with a portfolio of innovative, late-stage product candidates targeting neurological diseases, including rare disorders.
Stock Performance Snapshot
June 20, 2018 - At Wednesday's closing bell, Biohaven Pharma's stock declined 2.25%, ending the trading session at $41.34.
Volume traded for the day: 525.32 thousand shares.
Stock performance in the last month - up 27.40%; previous three-month period - up 44.55%; past twelve-month period - up 61.61%; and year-to-date - up 53.22%
After yesterday's close, Biohaven Pharma's market cap was at $1.62 billion.
The stock is part of the Healthcare sector, categorized under the Biotechnology industry. This sector was up 0.5% at the end of the session.
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