Stock Alert: Biohaven Pharma Shares Up 8%

(RTTNews) - Shares of Biohaven Pharmaceutical Holding Co. Ltd. (BHVN) are currently trading at $69.00, up $5.58 or 8.80% Friday morning. The stock has been trading in the range of $26.56 - $78.75 for the past one year.

The company, on Friday, announced that it entered into a $500 million non-dilutive term loan financing facility with Sixth Street, a global investment firm.

Biohaven would 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. Upon closing, $375 million is immediately available to Biohaven.

Also, the company and Royalty Pharma (RPRX) announced that it has secured up to $250 million in funding to advance the company's CGRP receptor antagonist program through the development of zavegepant. The zavegepant program encompasses intranasal zavegepant as well as oral zavegepant for migraine prevention and non-migraine indications.

Biohaven would receive $150 million at closing and $100 million upon the start of the oral zavegepant Phase 3 program.

Royalty Pharma would acquire up to a 3% royalty for zavegepant, a 0.4% royalty of Nurtec ODT and success-based milestone payments.