Biohaven announces a non-dilutive loan of up to $ 500 million with Sixth Street

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  • Up to $ 500 million in a structured credit facility. Biohaven will use the proceeds for the development, promotion and commercial launch of NURTEC ODT as well as for general corporate purposes of the company and its subsidiaries.
  • $ 375 million Biohaven is available immediately after closure.
  • An additional $ 125 million is engaged and available when NURTEC’s net sales reach ODT (Rimegepant) $ 45 million either in the 1st quarter of 2021 or in the 2nd quarter of 2021.

Vlad Coric MD., Biohaven’s Chief Executive Officer, commented, “Sixth Street is a preferred partner for investors with deep knowledge and understanding of the pharmaceutical sector. Sixth Street’s fully committed credit line flexibly increases our liquidity position at an attractive cost and reflects trust That our partners have gained from the strong adoption and commercial advancement of Nurtec ODT. With Sixth Street’s broad platform and track record in providing differentiated, creative financing solutions, we look forward to the potential to enhance our relationship with Nurtec’s future growth ODT sales and upcoming clinical development milestones across our pipeline. “

Vijay Mohan, Partner, Adam Kaye, Managing director, and Jeff Pootoolal, Managing Director of Sixth Street added, “The impressive launch of Nurtec ODT underscores the paradigm shift that is taking place in CGRP-targeted therapies in the management of migraines, and Sixth Street is pleased to provide Biohaven with the funding to do so To support companies in this important task. ” new drugs for patients around the world. The impressive time to market with Nurtec ODT to date and Biohaven’s broad pipeline of late-stage assets gave us the confidence to commit the company to provide long-term capital to enable its growth. ”

Cooley acted as legal advisor to Biohaven on the transaction. Latham & Watkins LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC served as legal counsel to Sixth Street.

About Biohaven
Biohaven is a biopharmaceutical company focused on developing and commercializing innovative world-class therapies to improve the lives of patients with debilitating neurological and neuropsychiatric disorders. Biohaven’s neuro-innovation portfolio includes FDA-cleared NURTEC ™ ODT (Rimegepant) for the acute treatment of migraine and a broad pipeline of late-stage product candidates across three different mechanistic platforms: CGRP receptor antagonism for the acute and preventive treatment of migraine; Glutamate Modulation for Obsessive Compulsive Disorder, Alzheimer’s Disease, and Spinocerebellar Ataxia; and myeloperoxidase inhibition for multiple system atrophy and amyotrophic lateral sclerosis. For more information, visit www.biohavenpharma.com.

Across Sixth Street
Sixth Street is a global investment firm with over $ 34 billion in assets under management and tied capital. Sixth Street operates eight diversified, collaborative investment platforms in the areas of growth investments, neighboring countries, direct lending, basic public strategies, infrastructure, special situations, agriculture and parity lending. Our long-term oriented, highly flexible capital resources and the “One Team” culture philosophy enable us to invest thematically across industries, regions and asset classes. Sixth Street was founded in 2009 and has more than 275 team members, including over 140 investment professionals, operating in nine locations worldwide. For more information, visit www.sixthstreet.com.

Biohaven cautionary note regarding forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including “believe,” “further,” “may,” “will” and similar expressions, is intended to identify forward-looking statements. These forward-looking statements involve significant risks and uncertainties, including statements based on the current expectations and assumptions of Biohaven’s management regarding NURTEC ODT and Zavegepant as acute treatment for migraineurs and potential preventive treatment of migraine. Factors that could affect these forward-looking statements include those related to: Biohaven’s ability to effectively market NURTEC ODT, delays or problems in the supply or manufacture of NURTEC ODT, compliance with applicable US regulatory requirements, estimated timing, commencement and results of Biohaven’s planned and ongoing clinical trials, the timing of planned interactions and filings with the FDA, the timing and outcome of anticipated regulatory filings, the potential commercialization of Biohaven’s product candidates, the potential for Biohaven’s product candidates, first-in-class or To be best-in-class therapies and the efficacy and safety of Biohaven’s product candidates. Various important factors could cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. Other 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 past year 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 past quarter March 31, 2020, filed with the Securities and Exchange Commission on May 7, 2020. The forward-looking statements are made as of this date and Biohaven assumes no obligation to update forward-looking statements as a result of new information, future events or for other reasons, unless required by law.

Contact Biohaven:
For more information, contact Dr. Vlad Coric, the Chief Executive Officer, at [email protected].

Sixth Street Media Contact:

Patrick Clifford
[email protected]
646-906-4339

SOURCE Biohaven Pharmaceutical Holding Company Ltd.

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