Biohaven jumps after securing up to $600 million investment from Oberland Capital

Drugmaker Biohaven's BHVN.N shares jump 8.4% to $21.51 premarket

BHVN announces up to $600 million investment from investment firm Oberland Capital in exchange for capped milestone and royalty payments on future global net sales of its experimental drug, troriluzole

Troriluzole is currently in late-stage development for obsessive-compulsive disorder (OCD), pending approval from the U.S. Food and Drug Administration

Oberland may purchase up to $600 million of BHVN's bonds, of which $250 million will be funded before April end

Covington & Burling served as legal adviser to Biohaven while Cooley advised Oberland

All 16 brokerages covering the stock rate "buy" or higher; median PT $60 - data compiled by LSEG

As of last close, BHVN stock down 47% YTD