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September 29, 2020

Eyeing Asian market, Biohaven subsidiary raises $60M 

PHOTO | CONTRIBUTED Donnie McGrath, MD, who is moving from CEO to president and executive chair at BioShin
By Natalie Missakian

Biohaven Pharmaceuticals’ China subsidiary BioShin has raised $60 million to bring the New Haven company’s drugs for migraine and other neurological diseases to the Asia-Pacific region.

The company also named a new CEO and executive chairman for the Shanghai-based spinout, which it launched in 2018. 

Biohaven said Monday that BioShin will use the Series A financing, which was led by OrbiMed, to launch a late-stage study of its commercial migraine drug Nurtec ODT in China and Korea by the end of the year. 

It also plans to initiate sites in China to participate in a global study of its experimental drug troriluzole for patients with the movement disorder spinocerebellar ataxia.

Other investors in the round include Cormorant Asset Management LLC, HBM Healthcare Investments Ltd., Surveyor Capital (a Citadel Company) and Suvretta Capital Management LLC.  Biohaven remains the company’s majority shareholder. 

Donnie McGrath, MD, who is moving from BioShin CEO to president and executive chairman, said in a statement that the cash was important because it will allow the company to advance Biohaven’s drug pipeline in the Asia-Pacific region without relying on the New Haven biotech for funding.

“Migraine, neurologic and neuropsychiatric diseases represent a significant medical and social burden in the Asia-Pacific region, and we are pleased to be joined by several renowned investors who support our shared vision of advancing the Biohaven portfolio in the region,” said McGrath, who also heads business development for Biohaven.

BioShin holds the rights to the Biohaven portfolio in all of the Asia-Pacific region excluding Japan. 

In announcing the funding round, BioShin said it added McGrath, Biohaven CEO Vlad Coric, MD, and OrbiMed partner David Wang, MD to its board. 

Karl Lintel

It also elevated its chief operating officer, Karl Lintel to the CEO post. Before joining BioShin, Lintel was president and general manager of Bristol- Myers Squibb’s operation in China.

“We are excited about the potential of Biohaven’s product portfolio in China and the broader Asia region,” OrbiMed’s Wang said in a statement. “”We look forward to seeing continued progress by Donnie, Karl and the rest of the impressive team Biohaven has put together here in Asia.”

Contact Natalie Missakian at news@newhavenbiz.com

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