NEW HAVEN, Conn. and
SHANGHAI, Sept. 28, 2020 /PRNewswire/ -- Biohaven
Pharmaceutical Holding Company Ltd. (NYSE: BHVN, "Biohaven")
announced today that BioShin Limited ("BioShin") its Asia-Pacific
Subsidiary, has closed a $60M Series
A investment round. The financing was led by OrbiMed, with
participation from Cormorant Asset Management LLC, HBM Healthcare
Investments Ltd, Surveyor Capital (a Citadel Company), and Suvretta
Capital Management, LLC.
The Series A funds will be used to build out BioShin in
China and advance the Biohaven
clinical portfolio in the Asia-Pacific region, including the imminent
start of the NURTEC™ ODT (rimegepant) Phase 3 study for the acute
treatment of migraine in China and
Korea. BioShin also plans to initiate sites in China to participate in the global
registrational trial of troriluzole in Spinocerebellar Ataxia
(SCA). BioShin expects to begin both Asia-Pacific studies in the fourth quarter of
2020. BioShin has rights to the Biohaven portfolio for the
entire Asia-Pacific region
excluding Japan. After the
transaction, Biohaven remains the majority shareholder of
BioShin.
Donnie McGrath MD, President and
Executive Chairman of BioShin, stated, "This investment marks an
important partnership between Biohaven and these leading investors
to advance Biohaven's innovative product candidates to patients in
the Asia-Pacific region. BioShin
now has the funding to independently advance the lead pipeline
assets without relying upon Biohaven to fund these efforts in
Asia-Pacific. Migraine, neurologic
and neuropsychiatric diseases represent a significant medical and
social burden in the Asia-Pacific region, and we are pleased to be
joined by several renowned investors who support our shared vision
of advancing the Biohaven portfolio in the region."
David Wang, MD, PhD, Partner at
OrbiMed Asia, commented, "We are excited about the potential of
Biohaven's product portfolio in China and the broader Asia region. We look forward to seeing
continued progress by Donnie, Karl and the rest of the impressive
team Biohaven has put together to help patients here in
Asia."
Karl Lintel has been appointed as Chief Executive Officer of
BioShin, from his current role of Chief Operating Officer. Previous
to BioShin, Lintel served as the President and General Manager
China of Bristol-Myers Squibb from
2014 to 2018 and VP/General Manager of BMS Middle East
and Africa from 2010 to 2014. From 1989 to 2010, he
worked in a variety of roles within Pfizer Inc. across Asia,
the Middle East, Europe and Global headquarters.
BioShin also announces its Board of Directors to include
Donnie McGrath, Chief of Corporate
Strategy and Business Development at Biohaven, to serve as the
Executive Chairman, joined by Vlad
Coric (CEO of Biohaven) and David
Wang MD, PhD (Partner, OrbiMed).
Cooley LLP acted as counsel for the Series A investors. Locke
Lord LLP acted as counsel for Biohaven.
About BioShin
BioShin Limited, a privately-held
biopharmaceutical company with offices in Shanghai, is advancing the Biohaven clinical
portfolio in the Asia-Pacific
region. BioShin holds rights to the Biohaven portfolio for all of
the Asia-Pacific Region, including Australia and New
Zealand, excluding Japan.
Biohaven is a majority shareholder in BioShin.
About Biohaven
Biohaven is a clinical-stage
biopharmaceutical company with a portfolio of innovative,
late-stage product candidates targeting neurological diseases,
including rare disorders. Biohaven has combined internal
development and research with intellectual property licensed from
companies and institutions including Bristol-Myers Squibb Company,
AstraZeneca AB, Yale University,
Catalent, Rutgers and ALS Biopharma LLC
and. Our progress is fueled by an entrepreneurial organizational
structure and an impressive range of experience in drug development
along with the confident support of top-tier biopharma investors.
Currently, Biohaven's lead development programs include multiple
compounds across its CGRP receptor antagonist and glutamate
modulator platforms. Biohaven's common shares are listed on the New
York Stock Exchange and traded under the ticker symbol BHVN. More
information about Biohaven is available at
www.biohavenpharma.com
Forward-Looking Statements
This news release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The use of certain words,
including "believe", "continue", "may", "will" and similar
expressions, are intended to identify forward-looking statements.
These forward-looking statements involve substantial risks and
uncertainties, including statements that are based on the current
expectations and assumptions of Biohaven's or BioShin's management
about rimegepant, zavegepant, or any of its glutamate products.
Factors that could affect these forward-looking statements include
those related to: Biohaven's ability to effectively commercialize
rimegepant, or any other product, in the Asia Pacific region, delays or problems in the
supply or manufacture of product, complying with
applicable U.S. regulatory requirements or requirements
in the Asia Pacific region, the
expected timing, commencement and outcomes of Biohaven's planned
and ongoing clinical trials, the timing of planned interactions and
filings with the FDA or regulatory authorities in the Asia Pacific region, the timing and outcome of
expected regulatory filings, the potential commercialization of
Biohaven's product candidates, the potential for Biohaven's product
candidates to be first in class or best in class therapies and the
effectiveness and safety of Biohaven's product candidates. Various
important factors could cause actual results or events to differ
materially from those that may be expressed or implied by our
forward-looking statements. Additional important factors to be
considered in connection with forward-looking statements are
described in the "Risk Factors" section of Biohaven's Annual Report
on Form 10-K for the year ended December 31,
2019, filed with the Securities and Exchange Commission on
February 26, 2020 and Biohaven's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and
Exchange Commission on August 10,
2020. The forward-looking statements are made as of this
date and Biohaven does not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
BioShin Contact:
Donnie
McGrath
Executive Chairman and President, BioShin
Donnie.McGrath@biohavenpharma.com
Karl Lintel
CEO, BioShin
Karl.Lintel@bioshin.com
Media Contact:
CHINA - Zoey
Wang
General Manager, BioShin
Zoey.Wang@bioshin.com
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SOURCE Biohaven Pharmaceutical Holding Company Ltd.