Biohaven

Biohaven

BHVN
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BHVN · Stock Price

USD 9.74-10.50 (-51.88%)
Market Cap: $1.5B

Historical price data

Market Cap: $1.5BPipeline: 37 drugs (16 Phase 3)Patents: 20Founded: 2013HQ: New Haven, United States

Overview

Biohaven is a clinical-stage biopharmaceutical company with a mission to discover, develop, and commercialize life-changing therapies for severe diseases. Its most significant achievement was the discovery, approval, and subsequent $11.6 billion divestiture of its CGRP migraine franchise (Nurtec® ODT, Zavzpret®) to Pfizer in 2022, which provided substantial capital to fund its next-generation pipeline. The company's strategy is to leverage its proven drug development expertise and three proprietary technology platforms—glutamate modulation, myostatin inhibition, and Kv7 targeting—to build a diversified portfolio targeting large neurological and rare disease markets. Biohaven's 'patient-first' culture and non-hierarchical structure are designed to drive urgency and efficiency in clinical execution.

NeuroscienceImmunologyOncology

Technology Platform

Biohaven leverages three proprietary drug development platforms: a Glutamate Modulation platform for neurological/psychiatric disorders, a Myostatin Inhibition platform for muscle-wasting and metabolic diseases, and a Kv7 Ion Channel Targeting platform for neuronal hyperexcitability conditions like epilepsy.

Pipeline

37
37 drugs in pipeline16 in Phase 3
DrugIndicationStageWatch
Troriluzole + PlaceboObsessive-Compulsive DisorderPhase 3
taldefgrobep alfa + Placebo + taldefgrobep alfaSpinal Muscular AtrophyPhase 3
Troriluzole + PlaceboGeneralized Anxiety DisorderPhase 3
troriluzole + PlaceboSpinocerebellar AtaxiasPhase 3
Troriluzole + PlaceboObsessive-Compulsive DisorderPhase 3

Funding History

3
Total raised:$603M
PIPE$350M
IPO$173M
Series A$80M

Opportunities

Biohaven's near-term catalysts include Phase 3 data for trorilizole in SCA and OCD in H2 2024, which could create significant value.
The strategic positioning of taldefgrobep alfa to address muscle wasting in the booming GLP-1 obesity market represents a potentially massive commercial opportunity if clinical data are positive.

Risk Factors

The company faces binary clinical risk with its lead Phase 3 programs.
Even with success, it must navigate intense competition in crowded markets like obesity and epilepsy.
The company's value is currently highly concentrated in a few late-stage assets.

Competitive Landscape

Biohaven competes in crowded and competitive therapeutic areas. In obesity, it must demonstrate added value alongside dominant GLP-1 agonists. In epilepsy and OCD, it faces numerous approved and developmental therapies. Its differentiation lies in novel mechanisms (glutamate, myostatin, Kv7) targeting specific patient subpopulations with high unmet need.

Company Timeline

2013Founded

Founded in New Haven, United States

2016Series A

Series A: $80.0M

2017IPO

IPO — $173.0M

2021PIPE

PIPE: $350.0M