Biohaven closes $200M public offering at $7.50 per share

Biohaven Ltd. (NYSE: BHVN) closed an underwritten public offering of 26,833,334 common shares at $7.50 per share, generating gross proceeds of approximately $200 million before deducting underwriting discounts and offering expenses.

The biopharmaceutical company increased the offering size to $175 million from the previously announced $150 million. The total proceeds included the full exercise of underwriters' option to purchase an additional 3,500,000 shares.

Biohaven stated it intends to use the net proceeds for general corporate purposes. The company focuses on discovering, developing and commercializing therapies for rare and common diseases.

J.P. Morgan, Goldman Sachs & Co. LLC, Leerink Partners, TD Cowen and Cantor served as book-running managers for the offering. The shares were issued under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.

The offering was conducted through a prospectus supplement and accompanying prospectus available through the underwriters' offices.

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