Pfizer in $11.6bn takeover of Biohaven Pharmaceutical

Pfizer says it will acquire Biohaven Pharmaceutical Holding for $11.6bn in cash to gain an approved treatment for migraine headaches.

With billions in hand from sales of its Covid-19 vaccine and treatment, Pfizer has the resources to diversify beyond pandemic products that may have limited demand as the outbreak winds down. Pfizer will gain the drug rimegepant, sold as Nurtec ODT in the US and Vydura in the EU, and zavegepant, a migraine nasal spray that has been submitted to US regulators. Nurtec ODT is promoted by media personality Khloe Kardashian.

The purchase “appears to be an auspicious financial move — investing more of its Covid-19-driven windfall to forge future growth”, Bloomberg Intelligence pharma analyst John Murphy said in a note. In light of the companies’ existing agreement on migraine drugs “this looks like a commercial decision based on a more detailed assessment of available data”.

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