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Pfizer to spend $11.6B on migraine treatment maker Biohaven

Shares of Biohaven, which had tumble below $100 in recent weeks, soared 72% before the opening bell to about $72.
Credit: AP
FILE - A man walks by Pfizer headquarters, Friday, Feb. 5, 2021 in New York. Pfizer is spending more than $11 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own. The New York drugmaker said Tuesday, May 10, 2022, it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another nasal spray under development. (AP Photo/Mark Lennihan, File)

NEW HAVEN, Conn. — Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own.

The New York drugmaker said on Tuesday it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another nasal spray under development.

The price represents a 33% premium over Biohaven’s 90-day weighted average trading price of $111.70 for Biohaven Pharmaceutical Holding Co. Ltd., which is based in New Haven.

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Shares of Biohaven, which had tumble below $100 in recent weeks, soared 72% before the opening bell to about $72. Pfizer’s stock slipped.

Pfizer Inc. has been flush with cash in recent quarters, thanks in part to sales of its COVID-19 vaccine Comirnaty and now its pill treatment for the virus, Paxlovid. Those drugs brought in more than $14 billion in sales during the recently completed first quarter.

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