Pfizer buys migraine specialist Biohaven for $11.6 billion

The American laboratory Pfizer announced Tuesday the acquisition of Biohaven Pharmaceuticals, a company which develops drugs intended to treat migraine, for approximately 11.6 billion dollars in cash.

Pfizer will buy back all shares of the company it doesn't already own for $148.50 each, which is a 79% premium to Monday's closing price, 33% to average the closing price for the last three months.

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Biohaven offers a medicine, approved in the United States and in the European Union, intended to treat migraine and to prevent migraine episodes (rimegepant).

The company has also submitted a dossier for a drug in the form of a nasal spray for the treatment of migraine and is in the process of developing it in the form of a gel for prevention (zavegepant).

It is also working on five other products based on the same technologies.

The final stage of a long rapprochement

"

," including outreach to GPs, specialists and health systems, Nick said. Lagunowich, chief internal medicine officer at Pfizer.

Pfizer, which has significant liquidity thanks in particular to the commercial success of its vaccine and its pill against Covid-19, had already entered into a partnership with Biohaven in November on the marketing of rimegepant and zavegepant outside the United States, and had then disbursed 350 million dollars to acquire 2.6% of its shares.

Under the terms of the transaction, Biohaven shareholders will also receive half a share of a new company that will be publicly traded and will include drugs under development by Biohaven that do not rely on the technology behind its treatments. against migraines.

The two companies are betting on a completion of the operation in early 2023. Biohaven's share jumped 70% in electronic trading before the opening of the New York Stock Exchange while that of Pfizer took 0.9%.