Armed with a pile of cash from its enormous successes with both a COVID-19 vaccine and antiviral treatment, US pharma giant Pfizer (NYSE: PFE) today announced the largest M&A deal so far this year in the biopharma sector.
Pfizer has entered into a definitive agreement to acquire US biotech Biohaven Pharmaceutical (NYSE: BHVN), the maker of Nurtec ODT (rimegepant), an innovative dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults. Biohaven’s shares shot up 70% to $141.40 in early trading.
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.
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