Pfizer to acquire Biohaven and with it Nurtec ODT a treatment for migraine
Pfizer Inc.and Biohaven Pharmaceutical Holding Company Ltd. announced that the companies have entered into a definitive agreement under which Pfizer will acquire Biohaven, the maker of Nurtec ODT, an innovative dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults.
Under the terms of the agreement, Pfizer will acquire all outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash. Biohaven common shareholders, including Pfizer, will also receive 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven’s non-CGRP development stage pipeline compounds, per Biohaven common share. The boards of directors of both Biohaven and Pfizer have unanimously approved the transaction. Pfizer will pay transaction consideration totaling approximately $11.6 billion in cash. Pfizer will also make payments at closing to settle Biohaven’s third party debt and for the redemption of all outstanding shares of Biohaven’s redeemable preferred stock. The $148.50 cash consideration represents a premium of approximately 33% to Biohaven’s volume weighted average selling price of $111.70 over the three months prior to the announcement of the transaction. The proposed transaction includes the acquisition of Biohaven’s calcitonin gene-related peptide (CGRP) programs including:Rimegepant: Approved in the United States under the trade name, Nurtec ODT, for both the acute treatment of migraine and preventive treatment of episodic migraine. Approved in the European Union under the trade name, Vydura for both acute treatment of migraine and prophylaxis of episodic migraine. Zavegepant: On track for a 2Q2022 acceptance (based on March 2022 submission) in the U.S. as an intranasal spray for the acute treatment of migraine and in development as an oral soft gel for chronic migraine prevention.
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