NEW YORK AND NEW HAVEN, CONNECTICUT – Pfizer Inc. (NYSE: PFE) and Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) announced today that they have reached a definitive agreement for Pfizer to acquire Biohaven, the maker of NURTEC® ODT, an advanced dual-acting migraine therapy authorised for both acute treatment and episodic prevention in adults.
Pfizer will pay under the terms of the agreement approximately $148.50 per share in cash, a 33% premium to Biohaven’s three-month average volume weighted price of $111.70, for each share already not owned by Pfizer.
The proposed deal comprises the purchase of Biohaven’s calcitonin gene-related peptide (CGRP) programmes, which include:
Rimegepant is a migraine medication that has been approved in the United States (US) under the brand name NURTEC® ODT for both acute and preventive treatment of episodic migraine.
VYDURA® has been approved in the European Union for both acute migraine therapy and episodic migraine prophylaxis.
Intranasal spray for acute migraine treatment and oral soft gel for chronic migraine prevention are on track for approval in the United States in 2Q2022 (based on March 2022 submission).
Five CGRP assets under preclinical development.
“Today’s news builds on our history of providing breakthroughs for patients suffering from complicated pain conditions and diseases that disproportionately affect women,” said Nick Lagunowich, global president of Pfizer Internal Medicine. “The combination of NURTEC® ODT, the most widely prescribed migraine drug in its class in the United States, with Biohaven’s CGRP pipeline brings hope to migraine patients around the world.” Given our leading scale and capabilities, we believe Pfizer is uniquely positioned to assist the portfolio in realising its full potential, including comprehensive field force engagement with Primary Care Physicians, specialists, and health systems, delivering the right information at the right time.”
We are excited to announce Pfizer’s proposed acquisition of Biohaven and see that they have a leading medication called NURTEC® ODT. We believe Pfizer will develop our medications further, but the new research company will be able to focus on our innovations in other neurological disorders.
Pfizer Finance Transaction
When Pfizer acquires Biohaven, there are a list of details that still need to be taken care such as the New Biohaven spin-off transaction and other customary closing conditions. This acquisition is expected to be completed by the beginning of 2023.
Pfizer hired J.P. Morgan for their financial dealings and Biohaven enlisted Centerview Partners for the same assistance. Ropes & Gray LLP acted as Pfizer’s legal advisor, while Sullivan & Cromwell LLP was Biohaven’s legal advisor.