Yale University-affiliated BIOHAVEN PHARMCEUTICALS jumped to the head of the class among this year's biotech IPOs with a US$168m deal that was both upsized and priced above range. The deal was well oversubscribed as Morgan Stanley, Piper Jaffray and Barclays priced 9.9m shares at US$17, above the US$14-$16 guidance and an upsizing of the 8.33m-share base deal. Upsized and above-range outcomes are rare among biotechs. However, Biohaven was anchored by a sizeable US$40m insider commitment, some of which invested at US$9.29 a share in a US$80m private round in February. The underwriting banks ended up placing 80% of the deal with 20 instututions, including the insiders. Follow-through buying saw Biohaven shares close the session at US$17.50, though the stock did tick as high as US$20.25 on the open.
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