Pfizer plucks Biohaven out of biotech bears’ lair - rob_cyran -
Pfizer said on May 10 it had agreed to pay $11.6 billion for the remaining part of Biohaven Pharmaceutical it does not own. Pfizer will pay $148.50 per share, a 79% premium to where the shares closed on May 9.
Biohaven’s lead drug, Nurtec ODT, is approved for the prevention and treatment of migraine. It was approved in the United States in 2020 and had revenue of $463 million in 2021. Pfizer has a 2.6% stake in Biohaven it acquired as part of a collaboration agreement signed in November. As part of that deal, Pfizer bought $350 million of shares in Biohaven at $173 a share and received the rights to sell Nurtec ODT outside the United States.
As part of the May 10 deal, Biohaven shareholders, including Pfizer, will also receive shares in a new public company that will retain rights to some Biohaven drugs that are in development. The new company will operate under the Biohaven name and will be capitalized with $275 million of cash. It may also receive royalties from Pfizer if annual net sales of Nurtec ODT and a potential migraine drug Pfizer is buying as part of the deal exceed certain thresholds.The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016.
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