Biohaven Ltd., a global clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of therapies to treat a broad range of rare and common diseases, announced that it has entered an agreement with Oberland Capital Management LLC for an investment of up to $600 million in the company.  

The funds will support ongoing clinical trials across Biohaven’s full development portfolio and support commercialization efforts in anticipation of a potential U.S. Food and Drug Administration (FDA) approval of troriluzole to treat patients with spinocerebellar ataxia (SCA).

Matt Buten, Chief Financial Officer at Biohaven, commented, “Our ability to secure this flexible, long-term, non-dilutive financing agreement speaks not only to the vast potential afforded by troriluzole, the product of more than 8 years of clinical research and deep collaborations across the SCA community, but also to Oberland Capital’s confidence in our broader portfolio of five innovative platforms spanning immunology & inflammation, neuroscience, and oncology.”

Andrew Rubinstein, Managing Partner at Oberland Capital, stated, “Biohaven is in a unique position to address major areas of unmet need in rare disease, and we are particularly enthusiastic about supporting Biohaven as they strive to bring a novel medication like troriluzole to the SCA patient community.”

The investment from Oberland Capital takes the form of a Note Purchase Agreement (NPA) that is non-dilutive to current investors. The first tranche of $250 million of gross proceeds is to be funded at closing on or before April 30, 2025.

The purchases are subject to other terms and conditions as outlined in the NPA. Under the terms of the NPA, Oberland Capital will have the right to receive a regulatory approval milestone payment, payable quarterly through December 31, 2030, and tiered single-digit royalty payments on global net sales of troriluzole for up to a maximum of 10 years from the closing date. These payments are capped at a multiple of the amounts funded by Oberland Capital.