Biohaven Ltd Receives $600 Million Investment from Oberland Capital

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Biohaven Ltd, a clinical-stage biopharmaceutical company, announced on April 28, 2025 that it has entered into an investment agreement with Oberland Capital Management for up to $600 million dollars, with the first installment of $250 million to be funded on or before April 30, 2025. The funding will support the company’s development of treatments and commercialization of products for rare and common diseases, including approval of troriluzole for patients with spinocerebellar ataxia (SCA). SCA is a group of rare and ultra-rare debilitating and fatal genetic conditions.

Pursuant to a Note Purchase Agreement (NPA), Oberland may purchase up to $600 million in non-dilutive senior secured notes in exchange for milestone and royalty payments on future troriluzole net sales, which includes $250 million at closing, $150 million upon regulatory milestones for troriluzole, and up to $200 million “at the mutual agreement of the parties for permitted strategic acquisitions and related costs and expenses” (1).

“The purchases are subject to other terms and conditions as set forth in the NPA. Under the terms of the NPA, Oberland Capital will have a right to receive a regulatory approval milestone payment, payable quarterly through Dec. 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 amounts funded by Oberland Capital,” Biohaven stated in the press release (1).

"We are pleased to have both the support and confidence of Oberland Capital, an exceptional partner with a proven track record in funding companies through the complexities of rare disease product launches,” Matt Buten, chief financial officer at Biohaven, said in the release. “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 eight 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. This agreement with Oberland Capital provides us with the support and flexibility to continue advancing our pipeline as we make launch preparations in parallel, and we are excited to accelerate our planning efforts in earnest."

"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,” Andrew Rubinstein, managing partner at Oberland Capital, said in the release. "We look forward to working with the team at Biohaven to unlock the tremendous potential that resides in their broad portfolio of innovative therapies."

According to Biohaven, troriluzole is a third-generation novel prodrug that modulates the neurotransmitter glutamate by reducing synaptic levels. The new chemical entity (NCE) increases the glutamate uptake from the synapse by augmenting the expression and function of excitatory amino acid transporters located on glial cells. The company states that the NCE may be developed to treat other diseases associated with excessive glutamate (1).

Reference

1. Biohaven. Biohaven Announces Investment Up to $600 Million by Oberland Capital. Press Release. April 28, 2025.