Pfizer has acquired commercial-stage biopharmaceutical firm Biohaven Pharmaceutical for $148.50 for each share or a total consideration of nearly $11.6bn in cash.

In May, Pfizer entered a definitive agreement to acquire all outstanding shares of Biohaven which were not previously held by the former. 

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With the takeover, Biohaven became a wholly-owned Pfizer subsidiary.

Treatments to enhance the lives of debilitating neurological and neuropsychiatric disease patients are part of Biohaven’s portfolio. 

Through the latest acquisition, Pfizer will add a breakthrough calcitonin gene-related peptide (CGRP) portfolio, including NURTEC ODT (rimegepant).

A CGRP receptor antagonist, NURTEC ODT is approved by the US Food and Drug Administration (FDA) for use in adults for acute treatment of migraine irrespective of aura status as well as for preventive episodic migraine treatment.

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It is also approved in the EU under the trade name Vydura for use in similar indications.

Zavegepant, another CGRP receptor antagonist, is expected to receive approval as an intranasal spray from the FDA for the acute treatment of migraine in the first quarter of next year.

Additionally, Pfizer will gain access to a portfolio of pre-clinical CGRP assets of Biohaven with the takeover.

Pfizer executive vice-president and chief business innovation officer Aamir Malik said: “We are proud to build on Pfizer’s legacy of delivering breakthrough medicines for patients living with complex pain disorders. 

“The success of NURTEC ODT coupled with Biohaven’s CGRP pipeline will strengthen Pfizer’s innovative Internal Medicine pipeline through 2030 and beyond. 

“Combined with Pfizer’s global reach, this acquisition increases our potential to bring new treatment options to patients with migraine – a disease which affects over one billion people worldwide.”