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Pfizer Inc. (NYSE: PFE) announced that it has entered into a definitive agreement to acquire Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) for $11.6 billion in cash.
Biohaven shares soared 68.4%, while Pfizer shares rose more than 1.7%.
Pfizer will acquire all outstanding shares of Biohaven it does not already own for $148.50 per share in cash, a 78.6% premium to Monday's closing price.
Pfizer had invested $350 million, at $173 a share, to acquire a 2.6% stake in Biohaven in November 2021.
Biohaven is the maker of Nurtec ODT, a dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults.
Nurtec brought in sales of $462.5 million in 2021. Pfizer said that Biohaven's migraine drugs could top $6 billion in annual sales at their peak.
Biohaven forecasted Nurtec sales of $825 million to $900 million in 2022.
Pfizer intends to make Biohaven's non-migraine drugs into a new publicly-traded company. Biohaven’s existing shareholders will receive 0.5 shares of the new company for each share of Biohaven stock they currently own.
Source - Pfizer
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