Biohaven down after $250 mln stock offering prices

Biohaven

01/10/2024 12:06

** Biohaven's  BHVN.N  shares down 2.4% premarket to $48.75
after follow-on prices
    ** Biopharma co sells ~5.3 mln shares at $47.50, raises $250
mln for general purposes
    ** Offering price represents 4.9% discount to stock's last
close
    ** JP Morgan, Morgan Stanley, Jefferies and TD Cowen jt
bookrunners
    ** On Sept 23, BVHN rose ~14% to close at $45.94 after co's
drug troriluzole met main goal of a study for Spinocerebellar
ataxia (SCA), inherited neurodegenerative disease that mainly
affects the cerebellum
    ** Co has ~94.5 mln shares outstanding for $4.7 bln market
cap, per LSEG
    ** Through Mon close, shares up ~17% YTD and have nearly
doubled over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))