Pfizer to commercialize NURTEC® ODT, an innovative compound for the prevention and acute treatment of migraine
Pfizer (New York, NY) and Biohaven Pharmaceutical Holding Company Ltd. (New Haven, CT) today announced that the companies have entered into a definitive agreement under which Pfizer will acquire Biohaven, the maker of NURTEC® ODT, an innovative dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults.
The boards of directors of both Biohaven and Pfizer have unanimously approved the transaction. Pfizer will pay transaction consideration totaling approximately $11.6 billion in cash. Pfizer will also make payments at closing to settle Biohaven’s third party debt and for the redemption of all outstanding shares of Biohaven’s redeemable preferred stock.
“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women,” said Nick Lagunowich, Global President, Pfizer Internal Medicine. “NURTEC® ODT, which is already the #1 prescribed migraine medicine in its class in the US, coupled with Biohaven’s calcitonin gene-related peptide (CGRP) pipeline, offers hope for patients suffering from migraine worldwide.”
This agreement follows on the November 9, 2021 collaboration for the commercialization of rimegepant and zavegepant outside the US, in connection with which Pfizer invested $350 million to acquire 2.6% of Biohaven’s common stock at $173 per share.
Vlad Coric, MD, Chairman and Chief Executive Officer of Biohaven, commented: “Pfizer’s capabilities will accelerate our mission to deliver our migraine medicines to even more patients, while the new R&D company is well positioned to bring value to patients and shareholders by focusing on our innovative pipeline for neurological and other disorders.”
Following the closing, New Biohaven will continue to operate under the Biohaven name. New Biohaven will be led by Vlad Coric, MD, as Chairman and CEO, and include other members of the current management team of Biohaven.