Pfizer to buy Biohaven for $11.6bn

Pfizer is to acquire commercial-stage biopharmaceutical company Biohaven in a deal worth $11.6 billion.

Biohaven is developing therapies for the treatment of migraine. The company’s lead product NURTEC ODT is a dual-acting migraine therapy which has been approved in the US for adult patients. The therapy has also been approved in the EU for both acute treatment of migraine and prophylaxis of episodic migraine.

Under the deal, Pfizer will gain access to Biohaven’s portfolio of therapies which also includes Zavegepant, the company’s oral soft gel for chronic migraine prevention and which the company hopes will be accepted in the US in second quarter of 2022.

The acquisition follows a previous deal last year which saw Pfizer collaborate with Biohaven on the commercialisation of two of the company’s treatments outside of the US. Then, Pfizer invested £350 million to acquire 2.6% of Biohaven’s common stock.

Under the terms of the agreement, Pfizer will acquire all outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash. The companies expect the transaction to close by early 2023.

Official comments

“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women,” said Nick Lagunowich, Global President, Pfizer Internal Medicine. “NURTECODT, which is already the #1 prescribed migraine medicine in its class in the United States, coupled with Biohaven’s CGRP pipeline, offers hope for patients suffering from migraine worldwide. We believe Pfizer is uniquely positioned to help the portfolio reach its full potential given our leading scale and capabilities, including comprehensive field force engagement with Primary Care Physicians, specialists and health systems delivering the right information at the right time.”

“We are excited to announce Pfizer’s proposed acquisition of Biohaven, recognising the market leadership of NURTEC ODT, our breakthrough all in one migraine therapy, and the untapped potential of our CGRP franchise,” said Vlad Coric, MD, Chairman and Chief Executive Officer of Biohaven. “Pfizer’s capabilities will accelerate our mission to deliver our migraine medicines to even more patients, while the new R&D company is well positioned to bring value to patients and shareholders by focusing on our innovative pipeline for neurological and other disorders. We believe this transaction represents significant future value creation for patients and our collective shareholders.”

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