- Pfizer Inc PFE will acquire Biohaven Pharmaceutical Holding Company Ltd BHVN for $148.50 per share, equivalent to $11.6 billion.
- 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.
- Related: Biohaven Further Deepens Its Neurology Pipeline With Bristol Myers, Knopp Biosciences Deals.
- 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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