Biohaven Files for IPO

By Chris Lange Updated Jan 12, 1:09PM EST · Published Apr 10, 9:00AM EDT

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[cnxvideo id=”655426″ placement=”ros”]Biohaven Pharmaceutical Holding has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were listed in the filing but the offering was valued up to $100 million, although this number is usually just a placeholder. The company intends to list its shares on the New York Stock Exchange under the symbol BHVN.

The underwriters for the offering are Morgan Stanley, Piper Jaffray, Barclays, William Blair and Needham.

This is a clinical-stage biopharmaceutical company with a portfolio of innovative, late-stage product candidates targeting neurological diseases, including rare disorders. Its product candidates are small molecules based on two distinct mechanistic platforms — calcitonin gene-related peptide (CGRP), receptor antagonists and glutamate modulators — which the firm believes have the potential to significantly alter existing treatment approaches across a diverse set of neurological indications with high unmet need in both large markets and orphan indications.

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The most advanced product candidate from the CGRP receptor antagonist platform is rimegepant, which Biohaven is developing for the acute treatment of migraine and for which it intends to initiate two Phase 3 clinical trials in the second half of 2017, with top-line results expected in the first half of 2018. The most advanced product candidate from its glutamate modulation platform is trigriluzole, which it is developing for the treatment of ataxias with an initial focus on spinocerebellar ataxia (SCA).

Biohaven has received orphan drug designation from the U.S. Food and Drug Administration (FDA) for trigriluzole in SCA, and it began a Phase 2/3 clinical trial in SCA in December 2016 and expects to report top-line results in early 2018. Its second most advanced product candidate from the glutamate modulation platform is BHV-0223, which it is developing for the treatment of amyotrophic lateral sclerosis (ALS) a neurodegenerative disease that affects nerve cells in the brain and spinal cord. The firm received orphan drug designation from the FDA for BHV-0223 in ALS.

The company intends to use the net proceeds from the offering to further fund the development of its pipeline, with the remainder to be put toward working capital and general corporate purposes, including the satisfaction of any milestone payment obligations under its license agreements.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.