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October 3, 2023

Biohaven announces $225M common share offering

PHOTO | CONTRIBUTED Dr. Vlad Coric, CEO and chairman of Biohaven.
By Michelle Tuccitto Sullo

New Haven-based biopharmaceutical company Biohaven Ltd. on Monday announced it plans to raise $225 million in a public stock offering.

The company said it plans to offer 10.2 million common shares at a price of $22 each.

The company also granted underwriters a 30-day option to purchase up to an additional 1.5 million common shares at the public offering price.

Gross proceeds from the offering are expected to be about $225 million, minus underwriting discounts, commissions and expenses. The offering is expected to close on Thursday. J.P. Morgan Securities LLC is acting as the book-running manager.

Biohaven said it plans to use the money it raises toward general corporate expenses.

Biohaven’s stock was trading at $23.49 per share as of Tuesday morning. The company has several drugs in its pipeline to treat a variety of ailments, such as Spinocerebellar Ataxia Type 3, bipolar disorder, epilepsy and obsessive compulsive disorder.

In mid-September, the company announced it completed enrollment for a Phase 3 study of  its drug candidate taldefgrobep alfa for the treatment of spinal muscular atrophy, a rare genetic neurodegenerative disorder. About 180 patients are participating in the global trial of the drug’s safety and efficacy.

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