Vlad Coric, Biohaven CEO (Jordan Sirek/Bloomberg via Getty Images)

Pfiz­er wa­gers $1.2B on Bio­haven's lead mi­graine drug — and picks up a next-gen can­di­date — as mar­ket­ing wars heat up

In the year and a half since Bio­haven land­ed an FDA ap­proval for Nurtec, the New Haven-based biotech has worked hard to over­come what it called “per­haps the great­est chal­lenge of any new drug launch with the emer­gence of the pan­dem­ic” to boost sales of the mi­graine drug above Wall Street ex­pec­ta­tions.

There was just one ques­tion an­a­lysts kept ask­ing: What about mar­kets out­side the US?

Vlad Coric and his team fi­nal­ly had an an­swer Tues­day morn­ing, un­veil­ing a sweep­ing com­mer­cial­iza­tion pact with Pfiz­er that nets it $500 mil­lion up­front — $150 mil­lion of which is cash, while the oth­er $350 mil­lion will be trad­ed for Bio­haven eq­ui­ty at a 25% mar­ket pre­mi­um.

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