Pfizer Enters Definitive Agreement to Acquire Biohaven Pharmaceuticals
May 10, 2022 By MarketDepth
Pfizer Inc. (NYSE: PFE) and Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) reported entry into a definitive agreement where Pfizer will acquire Biohaven, maker of NUTREC ODT, a dual-acting migraine therapy approved for acute treatment and episodic prevention of migraine in adults. Pfizer shall acquire all outstanding shares of Biohaven, not already owned by Pfizer for USD 148.50 a share in cash. Biohaven common shareholders, including Pfizer will receive 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven’s development stage pipeline compounds, per Biohaven common share. The board on both companies have unanimously approved the transaction. Pfizer will pay approximately USD 11.6 Billion in cash.
“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women. NURTEC® ODT, 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.”Nick Lagunowich, Global President, Pfizer Internal Medicine
“We are excited to announce Pfizer’s proposed acquisition of Biohaven, recognizing 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.”