Biohaven and Regeneron expand oncology partnership with clinical supply deal
The agreement, announced on July 20, builds on previous collaboration efforts as Regeneron reports strong Q2 revenue while Biohaven narrows its quarterly loss.
Biohaven Ltd and Regeneron Pharmaceuticals have expanded their strategic partnership with a new clinical supply agreement, announced on July 20, to evaluate the combination of Biohaven’s BHV-1530 and Regeneron’s cemiplimab (Libtayo) in patients with solid tumours. The deal extends an existing collaboration framework that previously covered BHV-1510, a TROP2-directed antibody-drug conjugate.
BHV-1530 utilises a novel topoisomerase I payload designed to generate immunogenic cell death and trigger antitumor immune responses. This mechanism provides a rationale for pairing the compound with checkpoint inhibitors like cemiplimab, aiming to enhance efficacy in oncology treatment.
The partnership highlights the contrasting financial positions of the two entities. Regeneron, a commercial powerhouse, reported Q2 2026 total revenue of $4.3 billion, representing a 17 per cent year-on-year increase. This growth was driven by record sales of Dupixent at $6.0 billion, EYLEA HD at $596 million, and Libtayo at $489 million. The company posted a GAAP net income of $1.29 billion, or $12.23 per share.
Conversely, clinical-stage developer Biohaven reported a net loss of $137.3 million for Q2 2026, an improvement from the $198.1 million loss recorded in the same period last year. Research and development costs narrowed to $100.8 million, and the company ended June 2026 with $270.5 million in cash, cash equivalents, and marketable securities.
Regeneron’s commercial momentum continues to gain regulatory support, with Health Canada issuing a Notice of Compliance on August 6 for Libtayo as an adjuvant treatment for high-risk cutaneous squamous cell carcinoma. Meanwhile, analyst sentiment on Biohaven shifted positively, with RBC Capital raising its price target to $23 from $22 on August 11, citing better-than-expected quarterly results.
Institutional holding data for Q1 2026 indicates cautious repositioning by hedge funds in both stocks. Biohaven was held by 47 hedge funds, down from 51 in the previous quarter, while Regeneron was held by 72 funds, compared to 75 in Q4 2025. Key holders include Greenland Capital Management for Biohaven and Bronte Capital for Regeneron, both maintaining significant call positions alongside their shareholdings.
