Biohaven Ltd. - BHVN STOCK NEWS

Pfizer Inc. reported its third-quarter 2022 results, with revenues of $22.6 billion, a 6% decline compared to the previous year. Excluding contributions from Paxlovid and Comirnaty, the revenue showed a 2% operational growth. Reported diluted EPS increased by 6% to $1.51, and adjusted diluted EPS rose 40% to $1.78. The company raised its 2022 revenue guidance to $99.5-$102 billion and narrowed its adjusted diluted EPS guidance to $6.40-$6.50. Pfizer's pipeline includes promising candidates with positive Phase 3 data, and it plans to launch up to 19 new products within 18 months.

Biohaven Ltd. (NYSE: BHVN) announced the closing of a public offering of 28,750,000 common shares at $10.50 each, including the underwriters' option for an additional 3,750,000 shares. The offering raised approximately $301.9 million in gross proceeds before expenses. J.P. Morgan, Cowen, SVB Securities, and Piper Sandler were the joint book-running managers for the offering. The shares were offered pursuant to effective registration statements filed with the SEC as of October 20, 2022.

Biohaven Ltd. (NYSE: BHVN) announced advancements in its MoDE extracellular target degrader platform technology, developed in collaboration with Yale University. This innovative platform aims to treat various diseases, including neurological disorders and cancer. Biohaven has filed additional patent applications, expanding its intellectual property portfolio related to the MoDE technology. The platform utilizes bifunctional synthetic molecules for the degradation of extracellular proteins, providing a novel therapeutic strategy distinct from existing methods. Biohaven aims to leverage these advancements in its drug development pipeline.

Biohaven Ltd. (NYSE: BHVN) has announced the pricing of a public offering of 25,000,000 common shares at a price of $10.50 per share. The underwriters have an option to purchase an additional 3,750,000 shares within 30 days. The offering is expected to close on October 25, 2022, pending customary closing conditions. Proceeds will be used for general corporate purposes. J.P. Morgan and other firms are managing the offering, which follows the SEC's declaration of the registration statement on October 20, 2022.

Biohaven Ltd. (NYSE: BHVN) announced a public offering of 20,000,000 common shares, with an additional option for underwriters to purchase up to 3,000,000 shares. The offering is filed under a registration statement with the SEC, which is currently not effective. Proceeds from the offering are intended for general corporate purposes. J.P. Morgan Securities LLC is the book-running manager of the offering. Investors should note that the offering cannot be completed until the registration becomes effective.

Biohaven Ltd. (NYSE: BHVN) has officially launched as a publicly traded company focused on neurological and neuropsychiatric treatments. The company operates independently following Pfizer's acquisition agreement in May 2022. With a launch capital of approximately $257.8 million and no debt, Biohaven aims to leverage its pipeline of clinical programs, including those for epilepsy, mood disorders, and spinal muscular atrophy. The leadership team, including new Chief Scientific Officer Bruce Car, has a strong legacy in drug development, particularly with the successful Nurtec ODT therapy.

Pfizer has completed its acquisition of Biohaven Pharmaceutical for $11.6 billion, paying $148.50 per share. This acquisition adds the innovative migraine therapy NURTEC® ODT and a portfolio of CGRP receptor antagonists, including rimegepant and zavegepant, to Pfizer's pipeline. These drugs aim to serve over 1 billion migraine patients globally. The merger enhances Pfizer's Internal Medicine portfolio with strong growth potential through 2030 and beyond. Biohaven became a wholly-owned subsidiary, while Biohaven Ltd. retained non-CGRP assets and will continue trading under the ticker BHVN.

On September 29, 2022, Biohaven Pharmaceutical (NYSE: BHVN) announced results from the HEALEY ALS Platform Trial investigating verdiperstat for amyotrophic lateral sclerosis (ALS). Unfortunately, verdiperstat failed to show statistically significant efficacy compared to placebo in key measures, including disease progression and survival over the 24-week study. Safety analysis was consistent with previous trial data. Biohaven remains dedicated to ALS treatment development despite the disappointing results, with complete findings expected at a future scientific meeting.

Biohaven Pharmaceutical (NYSE: BHVN) announced a record date of September 26, 2022 for the spin-off of its subsidiary, Biohaven Ltd. (SpinCo). The spin-off will encompass Kv7 ion channel activators and other platforms. Shareholders will receive one SpinCo share for every two common shares of Biohaven held. This distribution will take effect on the Distribution Date after shareholder approval on September 29, 2022. Common shares of SpinCo will trade on a "when-issued" basis under the symbol "BHVN WI" starting September 23, 2022.