Pfizer (NYSE:PFE) today announced that it has entered into an agreement to acquire Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN), which is best known for Nurtec ODT (rimegepant), a dual-acting migraine therapy.
Pfizer will pay $148.50 per share in cash to acquire Biohaven, totaling approximately $11.6 billion.
Nurtec generated $462 million in revenue in 2021. Pfizer anticipates that the acquisition will fuel continued growth through the remainder of the decade and beyond.
Evaluate Pharma projects that Nurtec could generate $2 billion in international sales by 2026.
Nurtec is a calcitonin gene-related peptide (CGRP) agonist that has emerged as a popular preventive treatment for migraines with or without aura.
Notable competitors in the class include Qulipta (atogepant) from AbbVie (NYSE:ABBV and Ubrelvy (ubrogepant) from AbbVie subsidiary Allergan.
BHVN shares surged almost 70% to $141.10 in afternoon trading while PFE shares were up about 0.6% to $48.93.
In addition to rimegepant, the acquisition would give Pfizer access to five pre-clinical CGRP assets in addition to zavegepant, an intranasal spray that could potentially be used as an acute migraine treatment. Biohaven was also developing an oral soft gel formulation of the drug candidate for chronic migraine prevention.
In late 2021, Biohaven announced that it was preparing a new drug application (NDA) for zavegepant.
In January, Pfizer announced that it had entered into an agreement with Biohaven to commercialize rimegepant and zavegepant outside of the U.S.