Pfizer to acquire Biohaven in deal worth over $11bn

Pfizer has announced it will acquire Biohaven Pharmaceutical, the makers of a US-approved dual-acting migraine therapy.

The therapy is approved for both acute treatment and episodic prevention of migraine in adults, both of which remain areas of considerable unmet need.

In addition to Nurtec ODT – known as Rimegepant and Vydura in the EU – the transaction involves the acquisition of Biohaven’s other calcitonin gene-related programmes.

This includes Zavegepant, an intranasal spray for the acute treatment of migraine which is on track for acceptance in the US and which may also become available as a gel in the future.

“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women,” said Nick Lagunowich, global president at Pfizer Internal Medicine. “Nurtec ODT, which is already the number one prescribed migraine medicine in its class in the US, coupled with Biohaven’s CGRP pipeline, offers hope for patients suffering from migraine worldwide.”

“We are excited to announce Pfizer’s proposed acquisition of Biohaven. Pfizer’s capabilities will accelerate our mission to deliver our migraine medicines to even more patients, while the new R&D company is well positioned to bring value to patients and shareholders by focusing on our innovative pipeline for neurological and other disorders,” said Vlad Coric, chairman and CEO of Biohaven.

Spin-out, ‘New Biohaven’, will operate under the Biohaven name and will be led by Vlad Coric. It will also include other members of the current management team.

The boards of directors at both Biohaven and Pfizer have unanimously approved the transaction, resulting in Pfizer obtaining all outstanding shares relating to Biohaven which are not already owned by Pfizer.

Pfizer’s acquisition of Biohaven is subject to the completion of the New Biohaven element of the deal and customary closing conditions, including receipt of regulatory approvals and approval by Biohaven’s shareholders.

It is expected that the transaction will close by early 2023.