PFE

Pfizer, Inc.

52.43
USD
2.93%
52.43
USD
2.93%
38.93 61.71
52 weeks
52 weeks

Mkt Cap 292.46B

Shares Out 5.58B

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Pfizer Acquires This Migraine Drug Maker For $11B: What Investors Need To Know

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. The deal includes the acquisition of rimegepant (NURTEC ODT), a dual-acting migraine therapy approved for acute treatment and episodic prevention of migraine in adults, Zavegepant, and a portfolio of five pre-clinical CGRP assets. Biohaven reported Q1 product revenue of $123.6 million, up 182%, due to increased NURTEC ODT sales volume and improvements in net price realization. EPS loss came in at $(1.62), down from $(3.25) a year ago It expects FY22 product sales of $825 - $900 million. BHVN closed Q1 with a cash balance of $602.5 million. Biohaven common shareholders, including Pfizer, will also receive 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven's non-CGRP development stage pipeline compounds, per Biohaven common share. This agreement follows the collaboration for the commercialization of rimegepant and zavegepant outside the U.S. Pfizer invested $350 million to acquire 2.6% of Biohaven's common stock at $173 per share. Price Action: BHVN shares are up 74.4% at $144.98 during the premarket session on the last check Tuesday. Photo by Capri23auto from Pixabay

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