H.C. Wainwright Reiterates Neutral Rating on Biohaven Pharma (BHVN)

H.C. Wainwright analyst Douglas Tsao reiterated a Neutral rating and $10.00 price target on Biohaven Pharma (NYSE: BHVN).

The analyst commented: "Today, Biohaven announced a global licensing and collaboration agreement granting SK Biopharmaceuticals (326030.KS; Not rated) an exclusive worldwide license to its Kv7 ion channel platform, led by opakalim (BHV-7000), in Phase 2/3 development for focal epilepsy. Biohaven receives $400M in cash consideration, $350M at closing and $50M one year later, is eligible for up to $150M in development and regulatory milestones, and will receive tiered royalties in the mid-teens to low twenties on US net sales of opakalim and mid-single-digit royalties ex-US. SK Biopharmaceuticals also assumes the legacy Knopp Biosciences obligations, up to $245M of milestones plus a mid-single-digit worldwide royalty. Closing is subject to HSR and other antitrust clearances, and topline RISE3 results remain on track for 2H26. With Xenon's (XENE; Buy) azetukalner reporting such strong data in the Phase 3 XTOLE-2 study, Biohaven likely recognized that there was real risk that opakalim didn't convincingly demonstrate a differentiated profile, which would have made it hard to finance on attractive terms."

For an analyst ratings summary and ratings history on Biohaven Pharma click here. For more ratings news on Biohaven Pharma click here.

Shares of Biohaven Pharma closed at $16.95 yesterday.

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