Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) announced today that BioShin Limited 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
