Biohaven Launches as a Public Company with $258 Million in Cash, Neuroscience Pipeline
October 4, 2022
Biohaven Ltd. launched as a new publicly traded company focused on delivering innovative life-changing treatments for neurological and neuropsychiatric diseases, including rare disorders that leverage its drug development capabilities and proprietary technology platforms to advance a pipeline of best-in-class therapies.
As of today, Biohaven has officially begun operating as a separate independent entity as part of the acquisition agreement with Pfizer in May 2022 in which Pfizer paid $11.6 billion for the company and its pipeline of calcitonin gene-related peptide (CGRP) antagonists including an approved drug for the treatment of acute migraine.
The company, led by Vlad Coric as chairman and CEO, launched with approximately $257.8 million in cash at the distribution and no debt.
Biohaven plans to advance a broad portfolio of early- and late-stage innovative product candidates targeting neurological and neuropsychiatric diseases, including rare disorders with unmet medical needs. Therapeutic development will focus on treatments for epilepsy, pain and mood disorders, obsessive compulsive disorder, spinocerebellar ataxia, and spinal muscular atrophy.
The company develops drug candidates based on its proprietary technology platforms, including its lead program in Kv7 ion channel modulation for epilepsy and other central nervous system disorders associated with pathological hyperactivity. Key clinical development programs underway that leverage these proprietary technology platforms, include glutamate modulation for SCA and OCD, myostatin inhibition for neuromuscular diseases and potentially for diabetes and weight loss, and a novel immune modulation platform targeting CD-38 for multiple myeloma.
Biohaven has a history of successful drug development and commercialization with two U.S. Food and Drug Administration approvals and a European Medicines Agency approval for two indications for rimegepant for the treatment of migraine in adults and the first and only therapy that both treats and prevents migraine attacks.
With the acquisition by Pfizer for a total consideration of approximately $13 billion, including payoff of existing debt, Pfizer will now exclusively commercialize and develop the Biohaven CGRP franchise globally. Pfizer owns approximately 3 percent of the new spinoff company Biohaven Ltd.
“Our new spinoff company is well poised to build on the legacy of Biohaven—the potential of our proven team, our incredible pipeline and passion of our patient mission will propel us forward,” said Matthew Buten, chief financial officer of Biohaven.
Author: Rare Daily Staff
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