Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Technology
Vandana Singh

Pfizer Acquires This Migraine Drug Maker For $11B: What Investors Need To Know

  • Pfizer Inc (NYSE:PFE) will acquire Biohaven Pharmaceutical Holding Company Ltd (NYSE:BHVN) for $148.50 per shareequivalent to $11.6 billion
  • Pfizer will also make payments at closing to settle Biohaven's third-party debt and for the redemption of all outstanding shares of Biohaven's redeemable preferred stock. 
  • The deal includes the acquisition of rimegepant (NURTEC ODT), a dual-acting migraine therapy approved for acute treatment and episodic prevention of migraine in adults, Zavegepant, and a portfolio of five pre-clinical CGRP assets.
  • Biohaven reported Q1 product revenue of $123.6 million, up 182%, due to increased NURTEC ODT sales volume and improvements in net price realization.
  • EPS loss came in at $(1.62), down from $(3.25) a year ago
  • It expects FY22 product sales of $825 - $900 million.
  • BHVN closed Q1 with a cash balance of $602.5 million.
  • Related: Biohaven Further Deepens Its Neurology Pipeline With Bristol Myers, Knopp Biosciences Deals.
  • Biohaven common shareholders, including Pfizer, will also receive 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven's non-CGRP development stage pipeline compounds, per Biohaven common share. 
  • This agreement follows the collaboration for the commercialization of rimegepant and zavegepant outside the U.S. Pfizer invested $350 million to acquire 2.6% of Biohaven's common stock at $173 per share.
  • Price Action: BHVN shares are up 74.4% at $144.98 during the premarket session on the last check Tuesday.
  • Photo by Capri23auto from Pixabay
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.