- Biohaven Pharmaceutical Holding Company (BHVN -2.7%) has revamped its license agreement with Bristol-Myers Squibb (BMY -1%) related to migraine candidates rimegepant and BHV-3500.
- Under the terms of the new arrangement, the company paid BMY $50M in consideration of a low-single-digit reduction in payable royalties for rimegepant and a mid-single-digit reduction for BHV-3500. The deal also removes BMY's first negotiation rights to regain the intellectual property or enter a license agreement with Biohaven after receiving Phase 3 data on rimegepant and enables Biohaven to out-license either candidate to a third party with a CGRP antibody program.
- Biohaven funded the restructuring via a $55M private placement of 2M common shares at $27.50 per share with institutional investors. The transaction should close on March 14. BHVN shares are currently exchanging hands at ~$29.70.
- Now read: Bristol-Myers Squibb Company 2017 Q4 - Results - Earnings Call Slides
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