/pfizer.jpg "The Pfizer logo is displayed at the company's headquarters, on Feb. 5, 2021, in New York. Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%. (AP Photo/Mark Lennihan)")
Pfizer is spending more than $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own.
The New York drugmaker said 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, Connecticut.
Shares of Biohaven, which had tumbled 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.
