By Mitchell Young
NEW HAVEN: A newly public Bio-tech holding company Biohaven [ NYSE: BHVN] has chosen a high profile former bank building in the city’s Central Business District for its new headquarters. The moves comes as the company is reporting amazing results in the stock market amid positive announcements in its drug development efforts.
Biohaven is organized as a biotech holding and development company, and has raised funds to invest in New Haven biotech Kleo Pharmaceuticals. The company also is organized to conduct clinical trials and develop drugs it has purchased the rights for from a variety of organizations and companies including; Bristol-Myers Squibb Company, AstraZeneca AB, Yale University, Catalent, Rutgers, ALS Biopharma LLC and Massachusetts General Hospital.
Biohaven went public this past May raising $168 million at approximately $17 per share and the stock has taken a rocket ride to $37 a share in just three months. Its current market value of $1.3 billion, makes it the second most valuable biotech in the state.
The 11,500-square foot free standing building is at 215 Church Street, next to the Quinnipiac Club was previously headquarters for the Bank of New Haven, the Bank of Southern Connecticut and most recently a branch of Liberty Bank.
The building is owned by Netz USA LLC a U.S. subsidiary of Netz Group Ltd., a publicly traded Israeli company. Nezt, has more than $100 million of real estate investments in the US Capitalize 360 LLC run by Frank Micali is its contracted asset management firm, that negotiated the lease. .
Micali is a long-term Connecticut realtor with deep roots in New Haven’s CBD, including a long-term stint at the C.A. White company and in the commercial leasing of 900 Chapel Street.
Micali said “this is a strategic site for Biohaven’s headquarters which will allow it to take full advantage of the area’s talent and intellectual resources including Yale University, its labs and research, Yale New Haven and the many biotech firms established in New Haven.”
Biohaven’s stock has grown steadily from its IPO, but took off on the release of information on August 14, about its drug development activities
The company said that it’s clinical trials for a treatment of migraine headaches was moving into a Phase 3 clinical trial, another drug was given Fast Track status by the FDA and was expecting some Phase 2/3 results before the end of the year. A third drug for BHV-5000 to treat Rett syndrome received Orphan Drug Designation from the FDA as well.