Biohaven, the maker of Nurtec ODT, a migraine therapy approved for acute and episodic prevention of migraines in adults.
Pfizer will pay $148.50 per share, and shareholders will receive .5 of a share of New Biohaven. Pfizer will also make payments by 2023 to settle the debts of Biohaven, and redeem preferred stock. The $148.50 buying price is a 33% premium over Biohaven's weighted average of $111.70. With the stock closing at $83.14 on Monday night.
Pfizer had purchased a 2.6% stake in Biohaven in November of 2021 and had planned to collaborate with the company prior to purchasing them. Pfizer was set to partner with Biohaven on a new collaborative Migraine medication, which was recently approved with marketing authorizations in Europe. The Migraine drug named 'rimegpant' was approved for both migraine prevention and treatment of acute migraine pain. The United States has already approved the drug that goes by the name of Nurtec in the U.S. and will be called Vydura in Europe.
According to Med City Notes:
Rimegepant is part of a relatively new class of drugs that block calcitonin gene-related peptide (CGRP), a protein whose levels rise during a migraine attack. The first CGRP-inhibitors hit the market in 2018. These drugs from Amgen, Eli Lilly, and Teva Pharmaceutical are antibodies administered as injections. Rimegepant is a small molecule that was developed for more convenient oral dosing. Biohaven formulated the product as a tablet that dissolves quickly in the mouth.
Med City News