Oct. 21 Quick Takes: Newly spun out Biohaven prices upsized follow-on
Plus Singapore’s AUM merging with SPAC, and updates from Angelini and DeepUll
Weeks after Pfizer Inc. (NYSE:PFE) closed the acquisition of its predecessor company, Biohaven Ltd. (NYSE:BHVN) raised $262.5 million through the sale of 25 million shares at $10.50 in a follow-on underwritten by J.P. Morgan, Cowen, SVB Securities, Piper Sandler, Cantor and BTIG. The price is a tiny premium over Biohaven’s closing price of $10.48 on Tuesday, when the company proposed after hours to sell 20 million shares. With Pfizer now in possession of its migraine assets, Biohaven is advancing programs for neuroscience and rare diseases; it had about $258 million in cash as of Oct. 3. Its shares climbed $2.08 (17%) to $14.08 on Friday.
Singapore-based AUM Biosciences Pte. Ltd. expects to trade on NASDAQ next quarter when it completes a planned merger with special purpose acquisition company Mountain Crest Acquisition Corp. V (NASDAQ:MCAG) in a deal valuing the biotech at $400 million. AUM, which intends to start a Phase II study this quarter of MKNK1/MKNK2 inhibitor AUM-001, will receive $69 million held in Mountain Crest’s trust; CEO Vishal Doshi will continue to lead the company...