Biohaven Pharmaceuticals had high hopes for its new migraine treatment, rimegepant. But results from a recently released study show that it’s likely not much more effective than other medicines already on the market.
The news knocked shares for the company down by 50 percent on Monday. Biohaven had hoped that its drug would prove to be a potential competitor with a treatment by Allergan.
Originally discovered by Bristol-Myers Squibb, the drug, has still reported strong enough results to be approved by regulators, according to Biohaven. Rimegepant is part of a new class of CGPR receptor antagonists that are expected to perform well in the market for migraine treatments.
Read the full Reuters report.