Biohaven Pharmaceuticals (NYSE: BHVN) is engaged as a commercial-stage biopharmaceutical company, which is focused on the research, development and commercialization of novel therapies to treat neurological and neuropsychiatric diseases. Shares of the biopharma company are soaring 70% through early trading on Tuesday, May 10, 2022. Over the past three months, Biohaven Pharmaceuticals has seen average daily volume of 678,450 shares. However, volume of 8.59 million shares or dollar volume of around $1.22 billion, has already exchanged hands through early trading.
Shares of Biohaven Pharmaceuticals are surging after the company announced that it has entered into a definitive agreement to be acquired by Pfizer (NYSE: PFE). Under the terms of the agreement, Pfizer will pay Biohaven common stock shareholders $148.50 per share in cash and half a share of the new publicly traded company that retains Biohaven’s non-CGRP pipeline compounds. In total, the transaction is valued at $11.6 billion. The transaction is estimated to close by early 2023.
Among the assets Pfizer will be acquiring is Biohaven’s NURTEC ODT treatment for migraines and preventative treatment for episodic migraines. NURTEC ODT is already approved for use in the European Union under the brand name VYDURA. Pfizer plans to continue the commercialization process of NURTEC ODT in the United States.
In addition, Pfizer will retain Biohaven’s Zavegepant drug candidate, which is an intranasal spray for treatment of migraine and also being developed as an oral soft gel for the prevention of chronic migraines. Pfizer will also hold onto a portfolio of five pre-clinical CGRP assets.
“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 United States, coupled with Biohaven’s CGRP pipeline, offers hope for patients suffering from migraine worldwide. We believe Pfizer is uniquely positioned to help the portfolio reach its full potential given our leading scale and capabilities, including comprehensive field force engagement with Primary Care Physicians, specialists and health systems delivering the right information at the right time.”
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