Biohaven Announces Closing of Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares
Biohaven (NYSE: BHVN) has successfully closed its underwritten public offering of 6,052,631 common shares, including the full exercise of the underwriters' option to purchase an additional 789,473 shares. The offering was priced at $47.50 per share, resulting in gross proceeds of approximately $287.5 million before deducting underwriting discounts, commissions, and offering expenses.
The company intends to use the net proceeds for general corporate purposes. The offering was managed by joint lead book-running managers J.P. Morgan, Morgan Stanley, Jefferies, and TD Cowen. The shares were issued under an effective shelf registration statement on Form S-3, and the offering was made through a prospectus supplement and accompanying prospectus.
Biohaven (NYSE: BHVN) ha completato con successo la sua offerta pubblica sottoscritta di 6.052.631 azioni ordinarie, inclusa l'intera esercitazione dell'opzione degli sottoscrittori per l'acquisto di ulteriori 789.473 azioni. L'offerta è stata fissata a $47,50 per azione, generando proventi lordi di circa $287,5 milioni prima di dedurre sconti per la sottoscrizione, commissioni e spese offerte.
La società intende utilizzare i proventi netti per scopi aziendali generali. L'offerta è stata gestita dai co-leader di book-running J.P. Morgan, Morgan Stanley, Jefferies e TD Cowen. Le azioni sono state emesse sotto una dichiarazione di registrazione a scaffale efficace sul modulo S-3, e l'offerta è stata effettuata attraverso un supplemento di prospetto e un prospetto accompagnatorio.
Biohaven (NYSE: BHVN) ha cerrado con éxito su oferta pública suscrita de 6,052,631 acciones ordinarias, incluida la plena ejercicio de la opción de compra de los suscriptores para adquirir 789,473 acciones adicionales. La oferta se fijó en $47.50 por acción, resultando en ingresos brutos de aproximadamente $287.5 millones antes de deducir descuentos por suscripción, comisiones y gastos de la oferta.
La compañía planea utilizar los ingresos netos para fines corporativos generales. La oferta fue gestionada por los gerentes conjuntos de liderazgo J.P. Morgan, Morgan Stanley, Jefferies y TD Cowen. Las acciones fueron emitidas bajo una declaración de registro eficaz en el formulario S-3, y la oferta se realizó a través de un suplemento de prospecto y un prospecto adjunto.
Biohaven (NYSE: BHVN)은 6,052,631주의 공모주를 성공적으로 마감하였으며, 인수인 선택권에 따라 추가로 789,473주를 구매하는 것이 포함되었습니다. 공모가는 $47.50로 책정되어 총 약 $287.5백만의 매출이 발생하였으며, 이는 인수 수수료, 수수료 및 공모 비용을 공제하기 전의 금액입니다.
회사는 네트 수익을 일반 기업 용도에 사용할 계획입니다. 이 공모는 J.P. Morgan, Morgan Stanley, Jefferies 및 TD Cowen의 공동 리드 북러닝 매니저가 관리하였습니다. 주식은 효력 있는 선반 등록 성명서에 따라 S-3 양식으로 발행되었으며, 이 공모는 보충 예비서류와 함께 이루어졌습니다.
Biohaven (NYSE: BHVN) a réussi à clore son offre publique souscrite de 6 052 631 actions ordinaires, y compris l'exercice complet de l'option d'achat des souscripteurs pour acquérir 789 473 actions supplémentaires. L'offre a été fixée à 47,50 $ par action, ce qui a abouti à des recettes brute d'environ 287,5 millions $ avant déduction des remises sur souscription, des commissions et des frais d'offre.
La société prévoit d'utiliser les produits nets pour des fins corporatives générales. L'offre a été gérée par les co-responsables de prise en charge J.P. Morgan, Morgan Stanley, Jefferies et TD Cowen. Les actions ont été émises sous un relevé d'enregistrement en cours d'effet sur le formulaire S-3, et l'offre a été effectuée par un supplément de prospectus et un prospectus joint.
Biohaven (NYSE: BHVN) hat erfolgreich sein öffentliches Angebot von 6.052.631 Stammaktien abgeschlossen, einschließlich der vollständigen Ausübung der Kaufoption der Underwriter für zusätzlich 789.473 Aktien. Das Angebot wurde zu einem Preis von $47,50 pro Aktie festgelegt, was zu einem Bruttoerlös von etwa $287,5 Millionen vor Abzug von Underwriting-Rabatten, Provisionen und Angebotskosten führte.
Das Unternehmen beabsichtigt, die Nettoerlöse für allgemeine Unternehmenszwecke zu verwenden. Das Angebot wurde von den gemeinsamen Hauptbuchführungsleitern J.P. Morgan, Morgan Stanley, Jefferies und TD Cowen geleitet. Die Aktien wurden unter einer effektiven Regulierungsanmeldung in Form von S-3 ausgegeben, und das Angebot wurde durch ein Prospektnachtrag und ein begleitendes Prospekt durchgeführt.
- Successful closing of public offering with full exercise of underwriters' option
- Raised approximately $287.5 million in gross proceeds
- Strengthened financial position for general corporate purposes
- Potential dilution of existing shareholders' ownership
- Increased share count may impact earnings per share
Insights
Biohaven's successful public offering, raising
The additional capital provides Biohaven with extended runway to advance its clinical programs without immediate dilution concerns. This financial flexibility is important for a clinical-stage biopharma company, especially in the current market environment where capital can be scarce. However, investors should note the dilution impact, with the offering increasing outstanding shares by approximately
The involvement of major underwriters like J.P. Morgan and Morgan Stanley lends credibility to the offering and may attract institutional investors. Overall, this successful capital raise strengthens Biohaven's position to execute its R&D strategy and potentially accelerate key programs.
This capital infusion is a significant boost for Biohaven's diverse clinical pipeline targeting both rare and common diseases. The company's focus on "life-changing therapies" aligns with high-value areas in the pharmaceutical industry. While specific program allocations weren't detailed, the
Biohaven's ability to attract this level of investment suggests confidence in their scientific approach and management team. The company's history, including the successful development and sale of its migraine franchise, likely contributed to investor interest. This funding could accelerate timelines for key programs, potentially bringing novel treatments to patients faster and generating value for shareholders.
However, clinical-stage biotech investments carry inherent risks. Investors should closely monitor upcoming clinical milestones and data readouts to assess the potential of Biohaven's pipeline. The broad focus on both rare and common diseases provides diversification but also requires careful resource allocation to maximize chances of success across multiple programs.
J.P. Morgan, Morgan Stanley, Jefferies and TD Cowen are acting as the joint lead book-running managers of the offering.
The offering was made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from the offices of the following: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
The shares were issued pursuant to an effective shelf registration statement on Form S-3. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the applicable securities laws of such state or jurisdiction.
Forward-looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "continue", "plan", "will", "believe", "may", "expect", "anticipate" and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the expected use of proceeds therefrom, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including Biohaven's expectations related to the use of proceeds from the offering of its common shares. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven's filings with the Securities and Exchange Commission, including within the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking statements are made as of the date of this new release, and Biohaven 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.
Investor Contact:
Jennifer Porcelli
Vice President, Investor Relations
jennifer.porcelli@biohavenpharma.com
201-248-0741
Media Contact:
Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
312-961-2502
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SOURCE Biohaven Ltd.
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