UPDATED: Pfizer buys Biohaven for $11.6B, going all in on CGRP migraine drug portfolio
Pfizer has found a use for a chunk of its Covid windfall, agreeing to buy Biohaven and its migraine drug Nurtec for $11.6 billion.
The move to acquire the biotech at $148.50 a share — a 33% premium over a 3-month average of the share price — hands Pfizer boasting rights to the lead migraine drug in the US. And it follows on Pfizer’s $500 million deal to bag ex-US rights to the drug, when the pharma giant acquired a small, 2.6% stake in the biotech at $173 a share.
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