Pfizer Inc. said it agreed to buy the rest of Biohaven Pharmaceutical Holding Co. for about $11.6 billion, giving the New York drugmaker full ownership of the Nurtec ODT migraine franchise.
Pfizer said it would pay $148.50 a share in cash for the Biohaven shares that it doesn’t already own, a nearly 79% premium to Monday’s closing price of $83.14 for the New Haven, Conn., biopharmaceutical company.
Pfizer said Biohaven shareholders, including Pfizer, would also receive shares in a new publicly-traded company that would retain Biohaven’s non-CGRP development-stage pipeline compounds.
Pfizer and Biohaven earlier this year completed an agreement under which Pfizer gained commercialization rights to Nurtec outside the U.S. and bought a 2.6% stake in Biohaven.
Pfizer, which is flush with cash from its Covid-19 franchise, said it plans to fund the Biohaven deal with cash on hand, adding that it expects to complete the transaction by early 2023.
Source: Mint