52.70 0.00 (0.00%)
After hours: 4:17PM EST
|Bid||52.51 x 900|
|Ask||59.92 x 1000|
|Day's range||51.23 - 53.13|
|52-week range||29.17 - 67.86|
|Beta (3Y monthly)||0.34|
|PE ratio (TTM)||N/A|
|Earnings date||1 Nov 2019|
|Forward dividend & yield||N/A (N/A)|
|1y target est||76.25|
(Bloomberg) -- Biohaven Pharmaceutical Holding Co. is readying for what Chief Executive Officer Vlad Coric calls a “David versus Goliath” showdown with large-cap competitor Allergan Plc in a race to sell a new class of migraine medicines.A potential first-quarter approval of Biohaven’s rimegepant, a medicine that has shown clinical success in treating migraines, would place it behind competitor Allergan’s expected approval next month. However, publications in the New England Journal of Medicine and the Lancet medical journals paired with plans to use direct-to-consumer advertising may give Biohaven a leg up, Coric said.“Telemedicine, e-commerce, social media; we’re going to incorporate a modern day launch with a traditional launch as well,” Coric said in an interview at Bloomberg’s New York headquarters on Tuesday. “If you’re prepared to run your business -- that will also open up a lot of optionality,” Coric added, when asked about plans for potential partnerships or deals to better compete with larger peers.Coric said a potential partnership or deal would have to be more than an “incremental” step as the company looks to “build value year-over-year,” he said.Biohaven -- long the subject of deal speculation, including a Bloomberg report in April that the company was exploring a sale -- has continued to build out a commercial team for the migraine drug. The New Haven, Connecticut-based company elected to raise roughly $300 million in a June public share offering to help bolster its cash reserves as it makes the jump from development to commercialization.Upcoming results from a migraine prevention study of rimegepant could also position the company better to compete with Allergan as the maker of Botox gets closer to completing its sale to AbbVie Inc., according to Coric. If the results are positive in the coming months, “that would give patients one dose of one drug” to help both treat and prevent migraine attacks, he said.Coric wants investors who may be focused solely on the regulatory decision for the company’s migraine drug to know that Biohaven will have data from other later-stage assets in the coming months. If successful, results from troriluzole in Alzheimer’s disease and generalized anxiety disorder may offer the drugmaker an opportunity to “transform,” he said.To contact the reporter on this story: Bailey Lipschultz in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Cristin Flanagan, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Biohaven Pharmaceutical Holding Co. has rapidly transformed from one of biotech’s darlings into a cautionary tale of overheated M&A hype. Shares of the developer of migraine treatments surged in April after Bloomberg News reported that the company was considering a sale; the stock then took another leg up earlier this month when Biohaven canceled plans to attend a Goldman Sachs health-care conference, fueling speculation a takeover was imminent. All those gains evaporated this week when the company instead announced that it was selling more shares, something that wouldn’t happen if a deal was in sight. As of midday Tuesday, the stock was down 35 percent from its highs: Biohaven’s ongoing single status shouldn’t have come as so much of a shock. The company has arguably never been as compelling an M&A target as some investors and analysts seem to think, and faces significant risks if it has to go it alone. Deal hype isn’t a self-fulfilling prophecy in biotech; in fact, it can sometimes backfire and result in the exact opposite. In the case of Biohaven, the company’s lead drug in development is a migraine pill that takes the same approach as a group of three recently approved injectable medicines that can help prevent the debilitating headaches. Biohaven's drug is a fast-acting alternative, but it will have to compete for a subset of the market with cheaper generic options and a direct rival from Allergan PLC.The drug’s tough path forward is one of the reasons Biohaven was likely open to a buyout; this launch will be even harder and slower without the financial resources and commercial expertise of a larger company. But that same dynamic is also potentially what’s keeping potential suitors away. Biohaven just isn’t the sort of company that pharma has been buying. The sweet spot of M&A in the industry has centered around cancer drugs and rare-disease treatments that command very high prices, partly by sidestepping the pricing and reimbursement problems that dog larger and more competitive markets such as the one for migraine remedies. Most recent biopharma acquisitions above $1.5 billion have been for companies working in these areas or for drugs that already generate sales. It’s possible that a drugmaker could decide to do something different, but it would need a compelling reason, and the hype-driven ascent of BioHaven’s valuation doesn’t help.This is pretty clearly a situation where takeover excitement got well ahead of reality, which isn’t uncommon in biotech. But context matters, and any investment thesis that depends on big pharma expensively bucking an M&A trend to get itself into a possible price war deserves some extra skepticism.To contact the author of this story: Max Nisen at email@example.comTo contact the editor responsible for this story: Beth Williams at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
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