Pfizer to pay $11.6 billion for Biohaven
By MYBRANDBOOK
Pfizer will pay $11.6 billion to buy migraine pill maker Biohaven Pharmaceutical, marking the biggest deal by the company since 2016 to beef up its portfolio ahead of patent losses for some cancer drugs.
The deal will give Pfizer access to Biohaven's approved rimegepant, a potential blockbuster that belong to a class of migraine treatments known as calcitonin gene-related peptide (CGRP) inhibitors.
Flush with about $32 billion in cash on hand after its success with COVID-19 drugs, Pfizer has been looking to add treatments as patents for its top-selling drugs like blood thinner Eliquis near expiration.
The company also expects sales of its COVID-19 vaccines to drop from last year's highs.
The Biohaven deal is its largest since Pfizer's $14 billion purchase of cancer drugmaker Medivation in 2016. Pfizer will acquire all Biohaven shares that it does not already own for $148.50 per share in cash, a 78.6 percent premium to last closing price. It had taken a 2.6 percent stake in Biohaven in November.
Biohaven shares jumped 70.1 percent to $141.39 before the bell, while Pfizer was trading flat at $48.60. With this deal, Pfizer will compete in a crowded market for migraine treatments from other large drugmakers such as Eli Lilly.
Biohaven's rimegepant, sold as Nurtec ODT in the United States, is approved for use as both a treatment and preventative for migraines and is expected to bring in sales of over $4 billion by 2030. It brought in sales of $462.5 million in 2021.
Biohaven is also developing another CGRP inhibitor and testing two non-CGRP drugs in late-stage studies.
After the deal closes, Biohaven shareholders, including Pfizer, will get 0.5 of a share of a new publicly traded company that will retain Biohaven's non-CGRP treatments.
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