Pfizer Acquires Biohaven Pharma
Pfizer grabbed a stake in Biohaven Pharmaceuticals last fall when it partnered with the company on the commercialization of oral migraine drug Nurtec. Now the pharmaceutical giant is buying the rest of the neuroscience drugmaker for $11.6 billion.
Besides Nurtec, the deal brings to Pfizer the nasal spray migraine drug candidate zavegepant, which is on track to a submission with the FDA, as well as five preclinical assets that address the same pain target. Meanwhile, Biohaven’s remaining assets will be spun off as a new publicly traded company led by current Biohaven management.
According to terms of the deal, Pfizer will pay $148.50 cash for each share of Biohaven that it does not already own. That price is a 78.6% premium to Biohaven’s closing stock price on Monday, and a 33% premium to the stock’s average selling price over the three months before the agreement was announced Tuesday. Pfizer will also get a stake in the company formed from Biohaven’s other assets. Biohaven shareholders, including Pfizer, will receive 0.5 of a share in this new company for each Biohaven share that they currently own.
