NEW HAVEN, Conn. and
NEW YORK, June 18, 2018 /PRNewswire/ -- Biohaven
Pharmaceutical Holding Company Ltd. (NYSE: BHVN) ("Biohaven" or
the "Company") and Royalty Pharma announced today that Biohaven 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. Royalty Pharma has also
agreed to purchase $50.0 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 through
June 15, 2018.
This total of $150 million
funding, in addition to current cash on hand, provides Biohaven the
resources to support the Company's rimegepant development program
through NDA filing, progression of BHV-3500 into Phase 2,
advancement of the glutamate modulator platform, and further
development of the Company's earlier pipeline and clinical
infrastructure. The participation rate commences at 2.10 percent on
global annual net sales of products up to and equal to $1.5 billion, declining to 1.50 percent 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.
Vlad Coric, M.D., Chief Executive
Officer of Biohaven, commented, "Royalty Pharma has established
itself as an industry leader in investing in late stage
biopharmaceutical products. This transaction will allow us to fully
fund Biohaven's current pipeline portfolio through the end of 2019
and demonstrates the value of our late-stage CGRP-receptor
antagonist products in migraine." Dr. Coric added, "We are excited
that Royalty Pharma will be joining as investors in Biohaven and
look forward to their participation as we continue to advance our
product development candidates into the clinic with the goal of
bringing new novel treatments to patients in areas of high unmet
need."
"We are delighted to invest in these groundbreaking products for
the treatment of migraines," remarked Pablo
Legorreta, Founder & Chief Executive Officer of Royalty
Pharma. "Today, millions of migraineurs get little or no
benefit from existing therapies and no new treatments have been
approved in acute migraine for over a decade. We believe oral CGRP
inhibitors such as rimegepant and BHV-3500 have the potential to
bring relief to millions with both acute and chronic forms of
migraine and to achieve blockbuster status," Mr. Legorreta
added.
Sullivan & Cromwell LLP served as legal advisor to Biohaven
and Goodwin Procter LLP and Jones
Day acted as legal advisors to Royalty Pharma on the
transactions.
About Biohaven
Biohaven is a clinical-stage biopharmaceutical company with a
portfolio of innovative, late-stage product candidates targeting
neurological diseases, including rare disorders. Biohaven has
combined internal development and research with intellectual
property licensed from companies and institutions including
Bristol-Myers Squibb Company, AstraZeneca AB, Yale University, Catalent, Rutgers, ALS Biopharma LLC and Massachusetts
General Hospital. Currently, Biohaven's lead development programs
include multiple compounds across its CGRP receptor antagonist and
glutamate modulator platforms. The Company's common shares are
listed on the New York Stock Exchange and traded under the ticker
symbol BHVN. More information about Biohaven is available
at www.biohavenpharma.com.
About Royalty Pharma
Founded in 1996, Royalty Pharma is the industry leader in
acquiring revenue-producing intellectual property, with over
$15 billion in royalty assets.
Royalty Pharma funds innovation in life sciences both directly and
indirectly: directly when it partners with life sciences companies
to co-develop and co-fund products in late-stage clinical trials,
and indirectly when it acquires existing royalty interests from the
original innovators (academic institutions, research hospitals,
foundations and inventors). The company's portfolio includes
royalty interests in over 40 approved products including AbbVie's
Humira, AbbVie and J&J's Imbruvica, Biogen's Tecfidera and
Tysabri, Vertex's Kalydeco and Orkambi, J&J's Remicade, Merck's
Januvia, Gilead's Atripla and Truvada, Pfizer's Lyrica, and
Astellas and Pfizer's Xtandi. Royalty Pharma is also a leading
investor in pre-approval royalties, having committed over
$850 million to direct R&D
funding in exchange for royalties, and having invested over
$4 billion in royalties on
pre-approval products since 2011.
Biohaven's Cautionary Note Regarding Forward-Looking
Statements
This news release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve substantial risks
and uncertainties, including statements that are based on the
current expectations and assumptions of the Company's management.
All statements, other than statements of historical facts, included
in this press release, including statements regarding the expected
commencement and completion of clinical trials and the availability
of data from those trials, statements regarding the timing of
expected regulatory submissions and statements regarding the
Company's plans and objectives and expectations and assumptions of
management, are forward-looking statements. The use of certain
words, including the words "estimate," "intend," "expect,"
"believe," "anticipate," "will, "potential," "plan," "could," "may"
and similar expressions are intended to identify forward-looking
statements. The Company may not actually achieve the plans,
intentions or expectations disclosed in the forward-looking
statements and you should not place undue reliance on the Company's
forward-looking statements. Various important factors could cause
actual results or events to differ materially from those that may
be expressed or implied by our forward-looking statements including
risks and uncertainties related to the timing of initiating,
enrolling and completing clinical trials; the commencement or
completion of enrollment in any clinical trial does not guarantee
the continuation or successful outcome of the trial, or the
acceptance by the FDA of a regulatory package for the drug
candidate being tested; the submission of an IND does not guarantee
that the FDA will permit clinical trials to begin; and those
factors described in the "Risk Factors" section of the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and
Exchange Commission on May 15, 2018.
The forward-looking statements are made as of this date and the
Company does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Biohaven Contact:
For further information, contact Dr. Vlad Coric, the Chief
Executive Officer, at Vlad.Coric@biohavenpharma.com.
Royalty Pharma Contact:
Alexander v. Perfall
Vice President, Investor Relations & Public Affairs
(212) 883-2298
APerfall@royaltypharma.com
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SOURCE Biohaven Pharmaceutical Holding Company Ltd.