Pfizer acquires Biohaven for $11.6B cash; gains migraine portfolio NURTEC ODT

PFIZER INC

Total consideration ~$11.6B: $148.50/share cash + 0.5 share of New Biohaven per Biohaven share.
Acquires NURTEC ODT (rimegepant) approved for acute & preventive migraine, plus zavegepant & preclinical CGRP assets.
New Biohaven (SpinCo) retains non-CGRP pipeline, capitalized with $275M; eligible for tiered royalties on US sales >$5.25B.
Cash consideration represents ~33% premium to 3-month VWAP; closing expected early 2023, subject to approvals.
Pfizer also to repay Biohaven's $1.26B debt and redeem preferred shares at closing.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.