Pfizer to acquire Biohaven by early 2023 for $11.6 billion

Biohaven Pharmaceutical Holding Company Ltd. and Pfizer Inc. announced that both the companies have entered into an agreement wherein Pfizer will acquire Biohaven. Biohaven makes the NURTEC® ODT, used for migraine therapy in adults.

NURTEC® ODT is a double-acting therapy for migraines that prevents episodic migraines and acute treatment. The agreement's terms state that Pfizer will be acquiring all the shares of Biohaven that are outstanding and aren't already owned by Pfizer. The price would be $148.50 for each share in cash.

The common shareholders of Biohaven, which includes Pfizer, will receive 0.5 of New Biohaven's share. It is a publicly traded company that is new and would retain the non-CGRP development stage pipeline compounds of Biohaven for each common share of Biohaven.


Pfizer's and Biohaven's boards of directors have approved this transaction unanimously. Pfizer's total amount to be paid in cash would be $11.6 billion. Pfizer would also pay during closing so that Biohaven's third-party debt gets repaid.

Three months before this transaction was announced, the volume weighted average selling price of Biohaven was $111.70. The $148.50 per share means a premium of 33%.

Vlad Coric, Chairman, MD, and CEO of Biohaven, stated that he is excited and happy to announce the Biohaven acquisition by Pfizer. He believes that Pfizer's capabilities would enable their migraine medicines to reach even more patients, and the process will now accelerate. He also believes that the transaction would create future value for patients and collective shareholders.

Once the closing happens, New Biohaven will still operate under the name of Biohaven. Vlad Coric would be heading Biohaven as CEO, Chairman, and MD. The other members of the current team that managed Biohaven would also be a part of New Biohaven.

Pfizer plans to finance the proposed transaction with its in-hand cash. The deal is subject to completing the spin-off transaction of New Biohaven and other customary conditions. It is believed that the transaction will take place by early 2023.