Biohaven Further Deepens Its Neurology Pipeline With Bristol Myers, Knopp Biosciences Deals

Biohaven Pharmaceutical Holding Company Ltd BHVN has entered into a global license agreement with Bristol Myers Squibb & Co BMY to develop and commercialize taldefgrobep alfa.

• Taldefgrobep, a Phase 3-ready anti-myostatin adnectin, is the third development asset licensed to Biohaven from Bristol Myers Squibb.
• The Company will initiate the taldefgrobep Phase 3 trial for Spinal Muscular Atrophy (SMA) in 2022.
• Bristol Myers Squibb will be eligible for regulatory approval milestone payments and tiered, sales-based royalties beginning in the high teens. Additional details were not disclosed.
• Biohaven will also acquire Knopp Biosciences LLC's subsidiary, Channel Biosciences LLC, and its Kv7 channel targeting platform for $65 million in stock and $35 million in cash.
• Biohaven intends to bring lead asset BHV-7000 to the clinic in 2022, with focal epilepsy as the lead indication for development.
• Biohaven has also agreed to make more than 1.1 billion milestone-based payments.
• Biohaven Earnings: The Company posted Q4 FY21 sales of $190.01 million, compared to $35.1 million a year ago, beating the consensus of $173.69 million.
• Q4 EPS loss of $(2.32) came in lower than $(2.69) posted a year ago, missing the consensus of $(2.04).
• CHMP Opinion: Committee for Medicinal Products for Human Use of the European Medicines Agency adopted a positive opinion recommending approval for Biohaven and Pfizer Inc's PFE migraine treatment rimegepant.
• Price Action: BHVN shares closed at $133.81 on Thursday.