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Today’s value on Wall Street Pfizer rebounds with major acquisition

(AOF) – Pfizer gained 1.6% to 49.4 dollars, outperforming the Dow Jones. The American laboratory has signed a new acquisition. The healthcare giant has acquired Biohaven Pharmaceutical Holding Company for $11.6 billion in cash. Biohaven is the manufacturer of Nurtec ODT, a dual action migraine treatment approved for the acute treatment and episodic prevention of migraine in adults. The group is thus using part of its fortune amassed in recent months with its vaccine and its treatment against Covid-19.

This is Pfizer’s biggest deal in years. Recent acquisitions have been much more modest. In early April, Pfizer announced its intention to buy ReViral for $525 million. In March, it completed the acquisition of Arena Pharmaceuticals for $5.4 billion.

Pfizer will pay $148.50 for each Biohaven share, and shareholders will also receive 0.5 shares of New Biohaven, a new publicly traded company that will retain Biohaven’s compounds in development that are not calcitonin gene-linked peptides. .

The cash consideration of $148.50 represents a 33% premium to Biohaven’s volume-weighted average selling price of $111.70 in the three months prior to the announcement of the transaction.

Pfizer previously announced a collaboration with Biohaven and invested $350 million to buy 2.6% of its shares at $173 a share in November 2021.

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