Shares of Biohaven (NYSE: BHVN) surged in morning trading on Friday after the clinical-stage biopharmaceutical company announced the pricing of the public offering of 25 million of its common stock, at a price of $10.50 per share.
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Biohaven has granted the underwriters of the public offering a 30-day option to purchase up to an additional 3.75 million common shares. The offering is expected to close on October 25 and the company intends to use the net proceeds for general corporate purposes.