Pfizer buys migraine specialist Biohaven for $11.6 billion

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The American pharmaceutical Pfizer announced this Tuesday (10) the purchase of Biohaven Pharmaceuticals, a laboratory specializing in migraine drugs, for US$ 11.6 billion (R$ 59.5 billion).

Pfizer will buy all the shares it does not already own in the company for $148.50 each, which is 79% of the closing price on Monday and 33% of the average closing price over the last three months.

Biohaven has a drug, approved in the United States and the European Union, intended for the treatment of migraine and the prevention of its episodes (rimegepant).

The company also presented a project for a nasal spray for the treatment of this type of headache and is developing a gel for its prevention (zavegepant). The laboratory also has five other products based on the same technologies.

“We believe that Pfizer can help the (Biohaven) portfolio reach its full potential, given our size and leadership,” in addition to relationships with physicians, specialists and healthcare systems, said Nick Lagunowich, head of Internal Medicine at Pfizer.

Pfizer, which has high liquidity especially due to the commercial success of its vaccine and anti-covid pill, partnered with Biohaven in November to market rimegepant and zavegepant outside the United States. The giant paid US$ 350 million (R$ 1.79 billion) to acquire 2.6% of its shares.

Under the terms of the agreement, Biohaven shareholders will receive half a share of a new company that will be listed on the stock exchange and will include drugs under development by Biohaven that are not based on the technologies of its migraine treatments. Both companies expect the transaction to close in early 2023.

Biohaven shares soared 70% in electronic trading prior to the opening of the New York Stock Exchange, while Pfizer’s shares rose 0.9%.

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