Bourla called and Coric an­swered: Pfiz­er's of­fer for Bio­haven slid $10.50 per share in un­der 30 days but added spin­off funds, roy­al­ties

Af­ter hav­ing se­cured a li­cens­ing col­lab­o­ra­tion with Pfiz­er for its mi­graine fran­chise out­side the US in No­vem­ber 2021, Bio­haven was on the hunt for ad­di­tion­al part­ners. One par­ty, a “multi­na­tion­al bio­phar­ma­ceu­ti­cal,” was in ne­go­ti­a­tions with Bio­haven in Feb­ru­ary 2022.

But an April 11 evening phone call from Al­bert Bourla changed Bio­haven’s tra­jec­to­ry. The Pfiz­er CEO di­aled Bio­haven CEO Vlad Coric to share his in­ter­est in a takeover, ac­cord­ing to new de­tails re­vealed in an SEC fil­ing. With­in 30 days, the com­pa­nies dis­closed an $11.6 bil­lion deal open­ing the doors to a mas­sive mi­graine port­fo­lio for the Covid vac­cine jug­ger­naut.

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