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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) for nearly $12 billion has revived the beaten-down

The decision by Pfizer (NYSE:PFE) to acquire the commercial-stage biopharma company, Biohaven Pharmaceutical (BHVN) for nearly $12 billion has revived the beaten-down biotech space on Tuesday. SPDR S&P Biotech ETF (XBI) is trading higher after three sessions of declines to record the biggest intraday gain for the year. Yet, the equal-weighted fund remains 60% below its peak in February 2021. “We will need to see more M&A, but this is an excellent start,” Bloomberg reported quoting BMO Capital Markets. “Despite the deal, we’re not making the call that we’ve reached the bottom.” Meanwhile, Neurocrine Biosciences (NBIX), another commercial-stage biotech with a focus on neurological disorders, similar to Biohaven (BHVN), has recorded the biggest intraday gain following the news of the deal. Commenting on the transaction, Wall Street welcomed the all-cash deal and highlighted its strategic fit with Pfizer (PFE). Biohaven’s (BHVN) migraine therapy, Nurtec is a “good fit,” BMO analyst Evan David Seigerman noted, adding “we are very positive on this deal.” “This deal makes good strategic sense and it expands PFE’s pipeline to drive enhanced growth through 2030,” Cantor Fitzgerald wrote with an Overweight rating on Pfizer (PFE). In a Bullish thesis on Biohaven (BHVN) in April, Seeking Alpha contributor, A Kashyap argued that the company has grown faster than many of its industry peers.

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