Pfizer acquires migraine-drug maker Biohaven for $11.6B
Biohaven makes Nurtec ODT, a dual-acting migraine therapy for adults
By Yashasvini Razdan
Published - May 10, 2022, 07:26 PM ET
Last Updated - Feb 26, 2024, 03:21 PM EST
Pfizer Inc. (NYSE: PFE) announced that it has entered into a definitive agreement to acquire Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) for $11.6 billion in cash.
Biohaven shares soared 68.4%, while Pfizer shares rose more than 1.7%.
Pfizer will acquire all outstanding shares of Biohaven it does not already own for $148.50 per share in cash, a 78.6% premium to Monday's closing price.
Pfizer had invested $350 million, at $173 a share, to acquire a 2.6% stake in Biohaven in November 2021.
