Biohaven Secures $100M Milestone Funding After Enrolling First Patient In Migraine Study With Oral Zavegepant - Biohaven (NYSE:BHVN)

Biohaven Pharmaceutical Holding Co Ltd BHVN has enrolled the first patient in a Phase 2/3 trial evaluating oral zavegepant for migraine's preventive treatment, triggering a milestone funding payment of $100 million.
In August last year, Biohaven entered into a funding agreement with Royalty Pharma to secure up to $250 million to advance the development of zavegepant in migraine and other CGRP-mediated diseases.
The randomized, double-blind, placebo-controlled trial will enroll approximately 2,900 people with migraines and evaluate the efficacy and safety of 100 mg and 200 mg doses of oral zavegepant.
The Zavegepant program encompasses intranasal and oral formulations for migraine and non-migraine indications.
Intranasal zavegepant previously demonstrated superior efficacy to placebo in a Phase 2/3 study for migraine's acute treatment.
The drug is also being studied in an ongoing trial in COVID-19 infected hospitalized patients requiring supplemental oxygen.
Price Action: BHVN shares are trading 4.58% lower at $63.5 on the last check Monday.