This site is intended for Healthcare Professionals only.

Pfizer to pay Biohaven $11.6 bln to tap migraine market

Date:

Share post:

Pfizer said on Tuesday it will pay $11.6 billion to buy Biohaven Pharmaceuticals, making a big bet on its ability to boost sales of the top-selling pill in a new class of migraine drugs.

The boards of both companies have approved the deal, they said. Biohaven shares jumped 70 per cent to $141.31, while Pfizer was up slightly at $48.83.

Pfizer is flush with cash from a once-in-a-lifetime surge in revenue from Covid-19 vaccines and therapeutics and has said it is looking to buy companies or drugs that could add at least $25 billion in annual sales by the end of the decade.

“The CGRP oral medications, though still somewhat newer entrants in a deeply entrenched space, continue to make steady inroads in disrupting the broader migraine market in the U.S.,” said BioHaven chief executive Vlad Coric.

Biohaven forecast Nurtec sales of $825 million to $900 million in 2022.

Pfizer said it expects the pills to eventually overtake the shots.

The deal adds a “breakthrough migraine franchise into our portfolio, which we can then enhance and bring to even more patients with our commercial capabilities,” Pfizer Chief Business Innovation Office Aamir Malik said on a conference call.

Pfizer said it will double the size of Nurtec’s sales force, which will allow it to call on 70,000 additional doctors in the United States. It projected that CGRP inhibitor pills will eventually represent around 40 per cent of prescriptions for migraine drugs, up from around five per cent currently.

The Biohaven deal is Pfizer’s largest since its $14 billion purchase of cancer drugmaker Medivation in 2016.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

[my_vc_php_output]

Related articles

Pharmacy Closures: Survey reveals 6% report multiple pharmacy shutdowns

The NPA is scheduled to call another #SaveOurPharmacies day of action on 19 September to highlight funding crisis...

Majority of labour voters believe junior doctors are underpaid

Leaders of junior doctors in England are set to begin formal negotiations with the new Labour government on...

Dementia diagnoses in England reach record high, NHS figures reveals

England’s top dementia doctor emphasises that getting a diagnosis is the first step in supporting people living with...

Wes Streeting reaffirms mission to cut NHS waiting lists during Heatherwood Hospital visit

Streeting called the NHS "broken," with millions of patients facing long waits for treatment  Health and Social Care Secretary...