Neurological drug developer Biohaven files for initial public offering
Biohaven Pharmaceutical Holding Co. is looking to raise up to $100 million in an initial public offering, according to a Securities and Exchange Commission filing late Friday. The biotech drug developer specializes in drugs for neurological diseases with product candidate rimegepant expected to begin late-stage clinical trials for the treatment of migraines in the second half of 2017. Biohaven also expects early 2018 clinical-trial results for its drug trigriluzole for the treatment of ataxia, a condition where sufferers lose control of voluntary body movements. With no revenue, Biohaven reported a loss of $63.7 million, or $5.05 a share, in 2016. Morgan Stanley, Piper Jaffray, and Barclays are listed among the underwriters. The company plans to list on the New York Stock Exchange under the ticker "BHVN".
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.