Pfizer acquires one of the most promising biotechs by buying Biohaven Pharmaceuticals, a company that develops drugs intended to treat migraine, for about 11.6 billion dollars in cash. Pfizer will buy back all shares of the company it doesn’t already own for $148.50 each, which is a 79% premium to Monday’s closing price, 33% to average the closing price for the last three months. Biohaven offers a medicine, approved in the United States and in the European Union, intended to treat migraine and to prevent migraine episodes (rimegepant).
The company has also submitted a dossier for a drug in the form of a nasal spray for the treatment of migraine and is in the process of developing it in the form of a gel for prevention (zavegepant). It is also working on five other products based on the same technologies. “We believe Pfizer can help the (Biohaven) portfolio reach its full potential given our scale and cutting-edge capabilities,” including outreach to GPs, specialists and health systems, Nick said. Lagunowich, chief internal medicine officer at Pfizer.