biohavenBy Mitchell Young

New Haven: Biohaven Pharmaceuticals founded in 2013, is developing treatments for neurological diseases and rare disorders, announced terms for its IPO.  The company plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16 and will be listed on the NYSE, with the symbol BHVN.

Insiders will reportedly purchase $70 million worth of shares in the offering (56%), providing the company a fully diluted market value of $546 million [at the midpoint of the IPO range]. Morgan Stanley, Piper Jaffray and Barclays are the joint underwriters, and the stock is expected to price during the week of May 1, 2017.

young peopleWashington: The US Census released The Changing Economics and Demographics of Young Adulthood: 1975–2016. The report sites changes in young adulthood over the past 40 years. Focusing on education, economics and living arrangements of today's young adults and “how their experiences differ in timing and degree from what young adults experienced in the 1970s.”

Young people in Connecticut like in most states are more likely to live at home than their parents did and the trend continues with an 8.8% increase in young adults living in Connecticut living at home in the last decade

stock 450Investment Media Take Note of Hedge Fund Tax Proposals [From Investopia]

“Although New York City is perhaps better known as a financial hub, the nearby state of Connecticut is home to a number of prominent hedge funds......  “prominent managers like Edward Lampert of ESL Investments and Paul Tudor Jones of Tudor Investment Corp. have moved their operations out of Connecticut and to the state of Florida for tax purposes.:

“Now, some of Connecticut's elected officials have stated their opposition to a proposal to increase tax levels on Connecticut-based hedge funds,”

For the rest of the story:


HARTFORD: Opponents to a subsidy for the Millstone Nuclear Plant owned by Dominion Resources [NYSE: D] have released a report that claims that The Millstone Nuclear Plant in Waterford is “projected to be the most profitable nuclear plant in the United States between now and 2019.”

While opposition to subsidies for the Millstone plant has surfaced from legislators, consumer groups including ARRP Connecticut, the Stop the Millstone Payout appears to be primarily financed by compteting power companies.

tradeHARTFORD: The CT Labor Department and the CT Department of Economic and Community Development. Issued this month's CT Economic Digest.  The issue offers a special focus on Exporting from Connecticut,  Connecticut Exports: 2016 in Review.

DECD’s Laura Jaworski. provides the overview on 2016 CT export activity, showing that CT's 2016 exports decreased 5.49% from 2015 ($15.24B to $14.4B) but that exports nationwide decreased in 2015 as well.

econ digest april2017Among the highlights in the export feature,

  • Commodity exports are not noted in export figures, and since CT has a high concentration of insurance and financial exports, this could understate the actual figure.
  • 5,717 companies exported from CT in 2014 - 89% were small and medium sized with fewer than 500 employees.
  • CT was 27th nationally for exports.
  • Since 2005, CT has been the 2nd highest exporter of the New England states – MA is the top exporter.
  • Top 5 CT exports: Aircraft, spacecraft and parts; industrial machinery including computers; electric machinery, sound equipment, TV equipment; optic, photo, and medical and surgical instruments; and special classification provisions.

Download the report: April 2017