Biohaven launches as a new publicly traded company

Biohaven (BHVN) launched as a new publicly traded company. As of today, Biohaven has officially begun operating as a separate independent entity as part of the acquisition agreement with Pfizer (PFE) in May 2022. The company, led by Vlad Coric, M.D. as Chairman and Chief Executive Officer, launched with approximately $257.8 million in cash at the distribution and no debt. Biohaven has a history of successful drug development and commercialization. The FDA filed and accepted for review Biohaven's New Drug Application submission for zavegepant nasal spray with a Prescription Drug User Fee Act goal date set for the first quarter of 2023. With the acquisition by Pfizer for a total consideration of approximately $13B including payoff of existing debt, Pfizer will now exclusively commercialize and develop the Biohaven CGRP franchise globally. Pfizer owns approximately 3% of the new spinoff company Biohaven. Advancing a Broad Portfolio of Innovative Candidates: Biohaven plans to advance a broad portfolio of early- and late-stage innovative product candidates targeting neurological and neuropsychiatric diseases, including rare disorders with unmet medical needs. Therapeutic development will focus on treatments for epilepsy, pain and mood disorders, obsessive compulsive disorder, spinocerebellar ataxia and spinal muscular atrophy. Key clinical development programs underway that leverage these proprietary technology platforms, include the following: Glutamate modulation for SCA and OCD; Myostatin inhibition for neuromuscular diseases, and potentially for diabetes and weight loss; Novel immune modulation platform targeting CD-38 for multiple myeloma Team executives: The Biohaven Board of Directors remains the same. Irfan Qureshi, M.D. is promoted to Chief Medical Officer, previously Senior Vice President of Neurology at Biohaven. And Tanya Fischer, M.D., Ph.D. is appointed Chief Development Officer and Head of Translational Medicine, previously at Alnylam Pharmaceuticals (ALNY). Bruce Car, Ph.D. joins Biohaven as the new Chief Scientific Officer. Dr. Car brings more than 28 years of experience in the pharmaceutical industry having held numerous scientific leadership positions at Bristol-Myers Squibb (BMY).