Case Studies

New Haven, Connecticut

Biohaven

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Despite the widespread and devastating effects of neurological diseases like Azheimer’s, Parkinson’s, and multiple sclerosis, brain disorder research is still in its infancy. Biohaven, a biotech company founded by Vlad Coric, MD, is tapping into scientific innovations to transform how we treat these diseases and bringing much-needed relief to millions of patients in the process.

In June 2021, a year after the Connecticut-based company launched Nurtec, a medication designed to treat migraine symptoms, the U.S. FDA approved the drug as a preventative treatment, making Nurtec the only pill approved for both acute treatment and prevention of migraines. (These debilitating headaches are estimated to affect more than 38 million people in the U.S. alone.)

In November 2022, pharmaceutical giant Pfizer announced it had acquired Biohaven for $11.6 billion in cash. It was the multinational corporation’s biggest deal since 2016.

the support and resources

Milestones
Founded in 2013
Acquired in 2022

Founder
Vlad Coric, MD

CI Highlights
First investment: 2016
First investment amount: $1.5 million
Total invested: $2 million
Leverage: $280 million
Team lead: Daniel Wagner

Jobs Created
~190

Dr. Vlad Coric and his team at Biohaven have not only made great strides in understanding the roles the immune system and inflammation play in brain health—and delivering novel therapies that benefit millions of patients—but, closer to home, they’ve also brought high-paying jobs to Connecticut and delivered impressive returns for CI,” said Daniel Wagner, Connecticut Innovations’ senior managing director of investments. “We’ll be able to invest those returns in other promising young companies, further cementing Connecticut’s growing reputation as a center for biotech innovation. We also have stock in the spinoff, which continues to build value and will enable us to do even more.

Daniel Wagner

Senior Managing Director of Investments, Connecticut Innovations

the outcome

After the acquisition, Nurtec ODT became the #1 prescribed migraine treatment in its class. Pfizer retained Biohaven’s portfolio of calcitonin gene-related peptide (CGRP) receptor antagonists—the company’s migraine franchise—and Biohaven Pharmaceutical Holding Company Ltd. became Biohaven Ltd. (NYSE: BHVN).

Headquartered in New Haven, the new spinoff is developing drug candidates based on proprietary platforms, which enable rapid generation of novel therapies for the treatment of neurological and neuropsychiatric diseases with high unmet medical needs. Biohaven Ltd. has multiple clinical trials in progress, with product candidates aimed at treating obsessive compulsive disorder, spinocerebellar ataxia, spinal muscular atrophy, and Parkinson’s, among other disorders and diseases of the brain.