Pfizer Purchases Biohaven; Gains Rights to Leading Migraine Drug

Pfizer has announced an $11.6 billion deal to acquire the biotech Biohaven. This deal gives Pfizer rights to Nurtec, a leading migraine drug in the US and abroad. The pharma giant purchased Biohaven at $148.50 per share, a price that jumped over 70% since the announcement. The purchase also includes Biohaven’s intranasal migraine drug zavegepant.

According to John Carroll, founder and editor of Endpoints News, “The buyout marks the largest biotech M&A deal of the year to date, handing the beleaguered public sector a major deal to help encourage a long lineup of drug developers suffering from battered share prices — though Biohaven $BHVN doesn’t fall in that category. “

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(Source: Endpoints News, May 10^th, 2022)