Biohaven touts a pair of PhIII wins for migraine pill, but shares ricochet off of weak data
Biohaven has released a set of positive Phase III data for their fast-acting migraine drug, which closely parallel a rival at Allergan and trail well behind Eli Lilly’s lasmiditan. And the biotech will now join the scramble underway for an approval in a field that’s about to be severely disrupted.
Investors didn’t like the numbers early Monday morning, sending shares $BHVN down 40%. That clearly wasn’t the way Biohaven was betting. The biotech paid Bristol-Myers Squibb $50 million just a couple of weeks ago to restructure their licensing deal, cutting the royalty stream to the single digits. But in the hours up to the close, the stock — backed by some heavyweight market players — went on a roller coaster ride in the red, ending the day down 7%.
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