The American giant gains access to Biohaven’s late-stage migraine nasal spray through multi-billion transaction.
A few days ago, the cash-rich American pharma giant announced it will be paying $11.6 billion to acquire Biohaven International. Per the terms of the agreement, the pharma giant will acquire all outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash. The deal will see the pharma giant gain access to Biohaven’s late-stage migraine nasal spray. In addition, the transaction will give Pfizer access to zavegepant, a nasal spray being tested for migraine in a phase 3 trial along with a COVID-induced lung inflammation in phase 2. News of the deal also come months after Pfizer agreed to inject $1.24 billion to help market Biohaven’s Nurtec and zavegepant outside the United States. In addition, Pfizer also invested $350 million to acquire 2.6% of Biohaven’s shares.
The cash-flush pharma announced it expects to finance the transaction with existing cash on hand. “Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women,” said Nick Lagunowich, Global President, Pfizer Internal Medicine. “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.” The boards of directors of either company have unanimously approved the deal.