Biohaven, BMS Restructure Migraine Alliance

Biohaven Pharmaceutical is restructuring its global license agreement with Bristol-Myers Squibb Co. for Biohaven's small molecule calcitonin gene-related peptide (CGRP) receptor antagonist platform, which includes rimegepant, a potential candidate for the acute treatment of migraine, and BHV-3500, a third-gen antagonist for the acute treatment and prevention of migraine.

As part of the restructuring, Biohaven will pay BMS $50 million upfront in return for a reduction in royalties on sales of rimegepant and a reduction in royalties on sales of BHV-3500. Under the original license agreement, Biohaven was obligated to make tiered royalty payments based on annual worldwide sales of licensed products.

The restructuring also removes BMS's right of first negotiation to regain its intellectual property rights or enter into a license agreement with Biohaven following data from its Phase III trials with rimegepant, and clarifies that antibodies targeting CGRP are not prohibited as competitive compounds under the agreement. As a result, Biohaven can potentially license rimegepant or BHV-3500 to a company with a CGRP antibody program. The license agreement continues to provide Biohaven with exclusive global development and commercialization rights to rimegepant, BHV-3500 and related CGRP molecules. Biohaven's obligations to make development and commercial milestone payments to BMS remain unchanged.

Vlad Coric, M.D., chief executive officer of Biohaven, said, "This license agreement restructuring creates significant value for Biohaven and enhances our strategic flexibility moving forward. We believe the revised agreement, along with our recently announced exclusive license for developing small molecule CGRP receptor antagonists with the Zydis® ODT technology, significantly enhances our position to create shareholder value through the ongoing development of efficacious, differentiated and patient-friendly therapies for both the acute treatment and prevention of migraine. We were pleased to be able to finance this restructuring through investments from a number of leading institutions."

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