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<p xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">NEW HAVEN, Conn.</span>, <span xmlns="http://www.w3.org/1999/xhtml" class="legendSpanClass">July 27, 2026</span> /PRNewswire/ -- Biohaven Ltd. and/or its wholly owned subsidiaries (&#34;Biohaven&#34;) (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BHVN">BHVN</a>) and Yale University (&#34;Yale&#34;) today announced that a federal jury in the U.S. District Court for the District of Delaware returned a verdict in their favor in the trade secret misappropriation and breach of contract litigation against Avilar Therapeutics, Inc. (&#34;Avilar&#34;) and RA Capital Management GP, LLC (&#34;RA Capital&#34;).</p>
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                    <img xmlns="http://www.w3.org/1999/xhtml" src="https://mmx.prnewswire.com/media/MS1015415/Biohaven-Full-Color-rgb-2022SEPT03-Logo.jpg?id=OA2794567" title="" alt=""></img>
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<p xmlns="http://www.w3.org/1999/xhtml">The jury found that Avilar and RA Capital willfully and maliciously misappropriated a Yale trade secret relating to its &#34;MODA&#34; targeted protein degradation platform, and that RA Capital separately breached its 2019 confidentiality agreement with Yale. The jury awarded Yale and Biohaven a combined $4 million in damages — $2 million to Yale for RA Capital&#39;s breach of contract, and $1 million each to Yale and Biohaven for trade secret misappropriation.</p><p xmlns="http://www.w3.org/1999/xhtml">&#34;This verdict confirms what we have said since we filed this case: RA Capital and Avilar improperly used confidential information to advance a competing company, and the jury agreed that they did so willfully and maliciously,&#34; said Dr. Vlad Coric, Chief Executive Officer of Biohaven. &#34;We are grateful to the jury for paying careful attention to the evidence and to our legal team for their extraordinary work at trial. Biohaven is appreciative for our continued partnership with academic institutions like Yale, and remains committed to our mission of discovering, developing, and commercializing life-changing therapies for people with debilitating diseases.&#34;</p><p xmlns="http://www.w3.org/1999/xhtml">Karen Peart, Yale&#39;s Associate Vice President for Communications, added, &#34;Dr. Spiegel&#39;s work is the product of years of novel and rigorous research on extracellular degraders at Yale and exemplifies the innovative scholarship Yale faculty have advanced for decades. Yale is committed to fostering an environment where groundbreaking discoveries can flourish, improving lives, driving economic growth, and strengthening America&#39;s competitiveness. Through collaborations with industry partners, the university helps ensure that promising discoveries can be translated efficiently into products and therapies that serve the public good. These relationships depend on trust, integrity, and respect for the legal obligations that enable universities and industry to work together to advance innovation.&#34;</p><p xmlns="http://www.w3.org/1999/xhtml">Biohaven was represented by K&amp;L Gates LLP and Morris James LLP. Susman Godfrey LLP and Farnan LLP represented Yale.  </p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Background of the Case</b></p><ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Dr. David Spiegel, a professor at Yale, developed the MODA platform, a technology designed to bind and eliminate disease-causing extracellular proteins from the body, and presented it at Yale&#39;s Lifesciences Pitchfest in 2018.</li><li xmlns="http://www.w3.org/1999/xhtml">RA Capital, a healthcare-focused investment firm, subsequently entered into a confidentiality agreement with Yale in April 2019 to evaluate a potential investment in and partnership around the technology.</li><li xmlns="http://www.w3.org/1999/xhtml">Over the following months, Dr. Spiegel shared confidential and detailed technical information with RA Capital, and the parties negotiated the terms of a possible deal. Those negotiations ended without an agreement in August 2019.</li><li xmlns="http://www.w3.org/1999/xhtml">Biohaven and Yale <span xmlns="http://www.w3.org/1999/xhtml" class="" title="">alleged</span> that RA Capital, together with Avilar Therapeutics, a company RA Capital helped establish later that year, used confidential information from those discussions to build a competing drug development program instead of pursuing a partnership with Yale.</li><li xmlns="http://www.w3.org/1999/xhtml">Biohaven licensed the MODA platform from Yale to develop and commercialize the technology.</li><li xmlns="http://www.w3.org/1999/xhtml">Biohaven and Yale filed suit against Avilar and RA Capital in March 2023 in the U.S. District Court for the District of Delaware, alleging trade secret misappropriation and breach of the confidentiality agreement between Yale and RA Capital. The case proceeded to a jury trial beginning July 20, 2026 and the jury returned its verdict on July 24, 2026.</li></ul><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">About Biohaven</b></p><p xmlns="http://www.w3.org/1999/xhtml">Biohaven Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/BHVN">BHVN</a>) is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing therapies for people with debilitating diseases, with a broad pipeline spanning neuroscience, immunology, and other therapeutic areas. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" href="https://edge.prnewswire.com/c/link/?t=0&amp;l=en&amp;o=4739028-1&amp;h=3550625266&amp;u=https%3A%2F%2Fedge.prnewswire.com%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D4728576-1%26h%3D2399592440%26u%3Dhttps%253A%252F%252Fwww.biohaven.com%252F%26a%3Dbiohaven.com&amp;a=biohaven.com" target="_blank" rel="nofollow"><b xmlns="http://www.w3.org/1999/xhtml">biohaven.com</b></a>.</p><p xmlns="http://www.w3.org/1999/xhtml"><b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b></p><p xmlns="http://www.w3.org/1999/xhtml" class="prntal">This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including &#34;continue&#34;, &#34;plan&#34;, &#34;will&#34;, &#34;believe&#34;, &#34;may&#34;, &#34;expect&#34;, &#34;potentially&#34;, &#34;potentially groundbreaking&#34; and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven&#39;s planned and ongoing clinical trials; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable US regulatory requirements; the potential commercialization of Biohaven&#39;s product candidates; and the effectiveness and safety of Biohaven&#39;s product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven&#39;s filings with the Securities and Exchange Commission, including within the sections titled &#34;Risk Factors&#34; and &#34;Management&#39;s Discussion and Analysis of Financial Condition and Results of Operations&#34;. The forward-looking statements are made as of the date of this news release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.</p><p xmlns="http://www.w3.org/1999/xhtml" class="prntal"><b xmlns="http://www.w3.org/1999/xhtml">Investor Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Jennifer Porcelli<br xmlns="http://www.w3.org/1999/xhtml"></br>Vice President, Investor Relations, Biohaven<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" href="mailto:jennifer.porcelli@biohavenpharma.com" target="_blank" rel="nofollow">jennifer.porcelli@biohavenpharma.com</a> <br xmlns="http://www.w3.org/1999/xhtml"></br>+1 (201) 248-0741</p><p xmlns="http://www.w3.org/1999/xhtml" class="prntal"><b xmlns="http://www.w3.org/1999/xhtml">Media Contact:</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Renée Soto<br xmlns="http://www.w3.org/1999/xhtml"></br>Founding Partner, Reevemark<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" href="mailto:renee.soto@reevemark.com" target="_blank" rel="nofollow">renee.soto@reevemark.com</a><br xmlns="http://www.w3.org/1999/xhtml"></br>+1(212) 433-4606</p>



<p xmlns="http://www.w3.org/1999/xhtml" id="PURL"><img xmlns="http://www.w3.org/1999/xhtml" title="Cision" width="12" height="12" alt="Cision" src="https://edge.prnewswire.com/c/img/favicon.png?sn=NE12278&amp;sd=2026-07-27"></img> View original content to download multimedia:<a xmlns="http://www.w3.org/1999/xhtml" id="PRNURL" rel="nofollow" href="https://www.prnewswire.com/news-releases/federal-jury-finds-avilar-therapeutics-and-ra-capital-willfully-and-maliciously-misappropriated-trade-secret-developed-at-yale-awards-biohaven-and-yale-university-4-million-302834812.html" target="_blank">https://www.prnewswire.com/news-releases/federal-jury-finds-avilar-therapeutics-and-ra-capital-willfully-and-maliciously-misappropriated-trade-secret-developed-at-yale-awards-biohaven-and-yale-university-4-million-302834812.html</a></p><p xmlns="http://www.w3.org/1999/xhtml">SOURCE Biohaven Ltd.</p>

BHVN

Federal Jury Finds Avilar Therapeutics and RA Capital Willfully and Maliciously Misappropriated Trade Secret Developed at Yale, Awards Biohaven and Yale University $4 Million

Biohaven, Yale Win $4 Million Jury Verdict in Trade Secret Case

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;p xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;&lt;span xmlns=&quot;http://www.w3.org/1999/xhtml&quot; class=&quot;legendSpan...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Biohaven and Yale prevailed in a Delaware federal trial against Avilar Therapeutics and RA Capital, ruling willful misappropriation of a Yale trade secret related to the MODA platform. The $4 million damages award underscores IP protection for Biohaven&#039;s Yale-licensed technology and could sharpen investor sentiment around Biohaven&#039;s partnerships, though no immediate revenue impact is implied.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Federal jury finds Avilar and RA Capital liable for trade secret misappropriation.</li><li>Damages total $4 million; Biohaven and Yale awarded portions.</li><li>Verdict supports Biohaven-Yale MODA platform collaboration.</li><li>Trial concluded July 24, 2026; press release issued July 27, 2026.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Biohaven Ltd. (BHVN)</strong>: Wins in Delaware trade-secret case; strengthens Yale partnership and licensing of MODA.</li><li><strong>Yale University (N/A)</strong>: Co-plaintiff; benefits from IP protection and potential collaboration upside.</li><li><strong>Avilar Therapeutics (N/A)</strong>: Defendant; willful misappropriation found; potential reputational impact.</li><li><strong>RA Capital Management (N/A)</strong>: Defendant; breach of contract findings; reputational and potential liability exposure.</li></ul>
  </section>

  <section data-block="category">
    <h3>Legal</h3>
    <p>Category: Legal. The release centers on a court verdict involving Biohaven&#039;s IP and collaboration with Yale, with potential downstream effects on partnerships and perceived IP protection in the biotech sector.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Legal win may lift BHVN sentiment and reduce competition concerns.</li><li>Damage amount is small versus market cap; limited direct revenue impact.</li><li>Positive IP protection narrative could aid Yale-Biohaven partnerships and licensing.</li><li>No immediate FDA or earnings catalysts; risk-off moves possible.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Verdict date: July 24, 2026 in Delaware federal court.</li><li>Damages total $4 million; Yale $2 million breach; $1 million each.</li><li>Trial began July 20, 2026; verdict July 24, 2026.</li><li>Biohaven licensed Yale MODA platform for development.</li><li>Filed March 2023; Avilar and RA Capital defendants.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish near-term; verdict strengthens Biohaven&#039;s collaboration moat, holding BHVN 1–3 quarters.</p>
  </section>
</section>


<article>
  <p>NEW HAVEN, Conn.—Biohaven Ltd. and Yale University today announced that a federal jury in the U.S. District Court for the District of Delaware returned a verdict in their favor in the trade secret misappropriation and breach of contract litigation against Avilar Therapeutics, Inc. and RA Capital Management GP, LLC. The jury found that Avilar and RA Capital willfully and maliciously misappropriated a Yale trade secret relating to its "MODA" targeted protein degradation platform, and that RA Capital separately breached its 2019 confidentiality agreement with Yale. The jury awarded Yale and Biohaven a combined $4 million in damages — $2 million to Yale for RA Capital's breach of contract, and $1 million each to Yale and Biohaven for trade secret misappropriation.</p>

  <section>
    <h2>Verdict Details in Delaware Trade Secret Case</h2>
    <p>The jury found that Avilar and RA Capital willfully and maliciously misappropriated a Yale trade secret relating to its <em>MODA</em> targeted protein degradation platform, and that RA Capital separately breached its 2019 confidentiality agreement with Yale. The jury awarded Yale and Biohaven a combined <strong>$4 million</strong> in damages — <strong>$2 million</strong> to Yale for RA Capital's breach of contract, and <strong>$1 million</strong> each to Yale and Biohaven for trade secret misappropriation.</p>
  </section>

  <section>
    <h2>Executive Reactions from Biohaven and Yale</h2>
    <p>“This verdict confirms what we have said since we filed this case: RA Capital and Avilar improperly used confidential information to advance a competing company, and the jury agreed that they did so willfully and maliciously,” said Dr. Vlad Coric, Chief Executive Officer of Biohaven. “We are grateful to the jury for paying careful attention to the evidence and to our legal team for their extraordinary work at trial. Biohaven is appreciative for our continued partnership with academic institutions like Yale, and remains committed to our mission of discovering, developing, and commercializing life-changing therapies for people with debilitating diseases.”</p>
    <p>Karen Peart, Yale's Associate Vice President for Communications, added, “Dr. Spiegel's work is the product of years of novel and rigorous research on extracellular degraders at Yale and exemplifies the innovative scholarship Yale faculty have advanced for decades. Yale is committed to fostering an environment where groundbreaking discoveries can flourish, improving lives, driving economic growth, and strengthening America's competitiveness. Through collaborations with industry partners, the university helps ensure that promising discoveries can be translated efficiently into products and therapies that serve the public good. These relationships depend on trust, integrity, and respect for the legal obligations that enable universities and industry to work together to advance innovation.”</p>
    <p>Biohaven was represented by K&amp;L Gates LLP and Morris James LLP. Susman Godfrey LLP and Farnan LLP represented Yale.</p>
  </section>

  <section>
    <h2>Background of the Case</h2>
    <ul>
      <li>Dr. David Spiegel, a professor at Yale, developed the MODA platform, a technology designed to bind and eliminate disease-causing extracellular proteins from the body, and presented it at Yale's Lifesciences Pitchfest in 2018.</li>
      <li>RA Capital, a healthcare-focused investment firm, subsequently entered into a confidentiality agreement with Yale in April 2019 to evaluate a potential investment in and partnership around the technology.</li>
      <li>Over the following months, Dr. Spiegel shared confidential and detailed technical information with RA Capital, and the parties negotiated the terms of a possible deal. Those negotiations ended without an agreement in August 2019.</li>
      <li>Biohaven and Yale alleged that RA Capital, together with Avilar Therapeutics, a company RA Capital helped establish later that year, used confidential information from those discussions to build a competing drug development program instead of pursuing a partnership with Yale.</li>
      <li>Biohaven licensed the MODA platform from Yale to develop and commercialize the technology.</li>
      <li>Biohaven and Yale filed suit against Avilar and RA Capital in March 2023 in the U.S. District Court for the District of Delaware, alleging trade secret misappropriation and breach of the confidentiality agreement between Yale and RA Capital. The case proceeded to a jury trial beginning July 20, 2026 and the jury returned its verdict on July 24, 2026.</li>
    </ul>
  </section>

  <section>
    <h2>About Biohaven</h2>
    <p>Biohaven Ltd. (<strong>NYSE: BHVN</strong>) is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing therapies for people with debilitating diseases, with a broad pipeline spanning neuroscience, immunology, and other therapeutic areas. For more information, visit <a href="https://www.biohaven.com" target="_blank" rel="noopener noreferrer">biohaven.com</a>.</p>
  </section>

  <section>
    <h2>Forward-Looking Statements</h2>
    <p>This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "continue", "plan", "will", "believe", "may", "expect", "potentially", "potentially groundbreaking" and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven's planned and ongoing clinical trials; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable US regulatory requirements; the potential commercialization of Biohaven's product candidates; and the effectiveness and safety of Biohaven's product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven's filings with the Securities and Exchange Commission, including within the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking stat...</p>
  </section>
</article>

Biohaven and Yale prevailed in a Delaware federal trial against Avilar Therapeutics and RA Capital, ruling willful misappropriation of a Yale trade secret related to the MODA platform. The $4 million damages award underscores IP protection for Biohaven's Yale-licensed technology and could sharpen investor sentiment around Biohaven's partnerships, though no immediate revenue impact is implied.

federal-jury-finds-avilar-therapeutics-and-ra-capital-willfully-and-maliciously-misappropriated-trade-secret-developed-at-yale-awards-biohaven-and-yale-university-4-million

News insight

Federal Jury Finds Avilar Therapeutics and RA Capital Willfully and Maliciously Misappropriated Trade Secret Developed at Yale, Awards Biohaven and Yale University $4 Million

AI summary

Sentiment rationale

Key facts

Legal