Biohaven Pharmaceutical Holding Company Ltd. (NYSE:BHVN) plummeted over 95.32% to $7.10 from $151.80 in pre trading session on Tuesday after the Pfizer Inc. (NYSE:PFE) declared that it has completed its acquisition of manufacturer of NURTEC ODT (rimegepant), a novel migraine medicine authorized for both acute treatment and prevention of episodic migraine in adults.
On the trading front, shares of Biohaven Pharmaceutical Holding Company Ltd. (BHVN) moved up 0.36% during the previous trading session as the company opened its session at $151.26 with outstanding shares of 71.04 million.
Pfizer now has a portfolio of potential calcitonin gene-related peptide (CGRP) receptor antagonists, including:
Rimegepant: In adults, it is approved under the brand name NURTEC® ODT for both the acute treatment of migraine with or without aura and the preventative treatment of episodic migraine.
VYDURA is approved in the European Union for the acute treatment of migraine with or without aura in adults, as well as the preventative treatment of episodic migraine in adults who have at least four migraine attacks per month.
Zavegepant: New Drug Application (NDA) for intranasal spray for the acute treatment of migraine under U.S. Food and Drug Administration (FDA) review, with a Prescription Drug User Fee Act (PDUFA) goal date in 1Q 2023
Executive Vice President, Chief Business Innovation Officer, Pfizer, Aamir Malik stated that they are honored to continue Pfizer’s heritage of developing breakthrough medications for individuals suffering from complicated pain problems. Pfizer’s unique Internal Medicine pipeline will be strengthened by the success of NURTEC ODT and Biohaven’s CGRP program through 2030 and beyond. This acquisition, when combined with Pfizer’s global reach, boosts their ability to deliver new treatment choices to migraine patients, a disease that affects over 1 billion people globally.
Pfizer paid $148.50 per share in cash for all of Biohaven’s outstanding shares that it did not already hold, for a total transaction value of about $11.6 billion. Biohaven became a wholly owned subsidiary of Pfizer as a result of the transaction.
Biohaven executed the spin-off of Biohaven Ltd. (NYSE: BHVN) immediately prior to the acquisition’s closure, distributing Biohaven Ltd.’s shares to Biohaven stockholders. Biohaven Ltd., a new company formed by the retention of Biohaven’s non-CGRP development stage pipeline compounds, owns the Kv7 ion channel activators, glutamate modulation, and myostatin inhibition platforms, preclinical product candidates, and certain corporate infrastructure assets that were not acquired by Pfizer. Pfizer, a Biohaven stakeholder, got a pro rata share of Biohaven Ltd.’s shares in the distribution and now owns around 3% of Biohaven Ltd. Biohaven Ltd. will remain listed on the New York Stock Exchange under the ticker symbol “BHVN.”
