Biohaven (BHVN) said Monday that Oberland Capital Management has agreed to invest up to $600 million in the company.

Oberland may purchase up to $600 million of the company's senior secured notes, with $250 million to be funded by Wednesday, Biohaven said.

Another $150 million will be funded at Biohaven's option contingent upon the US Food and Drug Administration's approval of troriluzole, while the remaining will be funded upon the mutual agreement of the parties for permitted strategic acquisitions and related costs and expenses.

Oberland will have a right to receive a regulatory approval milestone payment, payable quarterly through Dec. 31, 2030, and tiered single-digit royalty payments on global net sales of troriluzole for up to a maximum of 10 years from the closing date, Biohaven said.

Troriluzole is meant to treat spinocerebellar ataxia, a group of rare and progressively debilitating and fatal genetic conditions.

Biohaven shares were up 6% in recent premarket activity.