Biohaven Announces Proposed Public Offering Of Common Shares

Rhea-AI Summary

Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) announced a $200 million underwritten public offering of its common shares, with an additional $30 million option for the underwriter. The offering is aimed at enhancing its financial position as it targets neurological diseases with its product portfolio. The shares will be issued under an effective shelf registration statement on Form S-3, with Goldman Sachs & Co. LLC serving as the book-running manager. The offering is subject to market conditions and completion is not guaranteed.

Positive

• Intended use of funds to enhance financial position for developing neurological treatments.
• Potential to raise up to $230 million including the underwriter's option.

Negative

• The offering may lead to shareholder dilution.

NEW HAVEN, Conn., March 15, 2021 /PRNewswire/ -- Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN), a commercial-stage biopharmaceutical company with a marketed drug for the acute treatment of migraine and a portfolio of innovative, late–stage product candidates targeting neurological diseases, including rare disorders, today announced that it has commenced an underwritten public offering of $200 million of its common shares.  All of the common shares to be sold in the offering will be offered by Biohaven.  In addition, Biohaven expects to grant the underwriter a 30-day option to purchase up to an additional $30 million of common shares at the public offering price, less underwriting discounts and commissions.  The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

Goldman Sachs & Co. LLC is acting as the book-running manager of the offering.

The offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which, when available, may be obtained from the offices of Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1–866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com.

The shares will be issued pursuant to an effective shelf registration statement on Form S-3.  Before investing in the offering, interested parties should read the prospectus and related prospectus supplement for this offering, the documents incorporated by reference therein and the other documents Biohaven has filed with the Securities and Exchange Commission.  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.

Contact
Dr. Vlad Coric
Chief Executive Officer
Biohaven Pharmaceutical Holding Company Ltd.
Phone: (203) 404-0410
Email: vlad.coric@biohavenpharma.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/biohaven-announces-proposed-public-offering-of-common-shares-301247671.html

SOURCE Biohaven Pharmaceutical Holding Company Ltd.

FAQ

What is the purpose of Biohaven's public offering of common shares?

The public offering aims to raise funds to enhance Biohaven's financial position for developing neurological disease treatments.

How much is Biohaven raising in its public offering?

Biohaven is raising $200 million with an option for an additional $30 million.

Who is managing Biohaven's public offering?

Goldman Sachs & Co. LLC is acting as the book-running manager for the offering.

Will the public offering affect existing shareholders?

Yes, the offering may lead to shareholder dilution as new shares are issued.

What regulatory framework is Biohaven's offering being conducted under?

The offering is being conducted under an effective shelf registration statement on Form S-3.