Biohaven Pharmaceutical Holding Company (NYSE:BHVN) has declared Sep. 26 as the record date for the previously announced spinoff of its subsidiary Biohaven Ltd., a condition to complete its buyout deal with Pfizer (PFE).
Biohaven Ltd. will own certain clinical assets, pre-clinical candidates, and some corporate infrastructure currently owned by BHVN.
The spinoff is subject to certain conditions, including shareholder approval at the company's special shareholders meeting scheduled for Sep. 29.
Per the terms, at the date of the distribution, every BHVN shareholder will receive one share of the spinoff for every two shares of BHVN held as of the record date.
From Sep. 26, the common shares of the spinoff are set to begin trading on a "when-issued" basis on the New York Stock Exchange under the symbol "BHVN WI." Regular trading is expected to commence under the symbol "BHVN" on the first day following the distribution date.