The Journal Gazette
 
 
Wednesday, May 11, 2022 1:00 am

Pfizer to buy last sector of Biohaven

TOM MURPHY | Associated Press

Pfizer is starting to put its COVID-19 cash influx to use by spending $11.6 billion to venture deeper into a new treatment area.

The New York vaccine and cancer drug maker said Tuesday it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceutical it does not already own.

Pfizer will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has a nasal spray under development.

Pfizer Inc. brought in more than $14 billion in sales during the recently completed first quarter from its COVID-19 vaccine Comirnaty and its new pill treatment for the virus, Paxlovid.

Most of that came from Comirnaty, which also rang up nearly $37 billion in sales last year. But revenue from Comirnaty, which Pifzer developed with BioNTech, is expected to fade in the coming years.

Pfizer also faces the loss of patent protection for some key products in its broad portfolio during the next decade. That includes Eliquis for preventing blood clots and strokes and the Prevnar 13 vaccine for preventing pneumonia and related bacterial diseases.

The company plans to have about $25 billion in sales by 2030 come from new business developments.

The boards of both Pfizer and Biohaven have approved the sale. Biohaven shareholders, who will receive a stake in the new company, and regulators still need to OK it.

The deal is expected to close by early 2023.

Shares of Biohaven Pharmaceutical Holding Company Ltd., which is based in New Haven, Connecticut, soared 68%, to $140. Pfizer's stock climbed nearly 2%, to $49.49.


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