Pfizer there is acquired a commercial-stage biopharmaceutical company Biohaven Pharmaceutical for $148.50 per share, or total consideration of nearly $11.6 billion in cash.
In May, Pfizer entered into a definitive agreement to acquire all remaining shares of Biohaven not previously held by the former.
With the acquisition, Biohaven became a wholly owned subsidiary of Pfizer.
Treatments to improve the lives of patients with debilitating neurological and neuropsychiatric diseases are part of Biohaven’s portfolio.
Through the latest acquisition, Pfizer will add a breakthrough calcitonin gene-related peptide (CGRP) portfolio, including NURTEC ODT (rimegepant).
A CGRP receptor antagonist, NURTEC ODT is approved by the US Food and Drug Administration (FDA) for use in adults for the acute treatment of migraine regardless of aura status, as well as for the preventive treatment of episodic migraine.
It is also approved in the EU under the trade name Vydura for use in similar indications.
Zavegepant, another CGRP receptor antagonist, is expected to receive FDA approval as an intranasal spray for the acute treatment of migraine in the first quarter of next year.
In addition, Pfizer will gain access to a portfolio of Biohaven’s preclinical CGRP assets with the acquisition.
Pfizer Executive Vice President and Chief Business Innovation Officer Aamir Malik said, “We are proud to build on Pfizer’s legacy of bringing breakthrough medicines to patients living with complex pain disorders.
“The success of NURTEC ODT combined with Biohaven’s CGRP pipeline will strengthen Pfizer’s innovative internal medicine pipeline through 2030 and beyond.”
“Combined with Pfizer’s global reach, this acquisition increases our potential to bring new treatment options to patients with migraine, a condition that affects over one billion people worldwide.”