Pfizer and Biohaven Pharmaceuticals have entered into an agreement under which Pfizer will acquire Biohaven, the maker of NURTEC ODT, a dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults.

Pfizer will pay approximately $11.6 billion to make the acquisition, which includes Biohaven’s calcitonin gene-related peptide (CGRP) programs including:

• Rimegepant—approved in the U.S. under the trade name, NURTEC ODT, for both the acute treatment of migraine and preventive treatment of episodic migraine; and approved in the EU under the trade name, VYDURA, for both acute treatment of migraine and prophylaxis of episodic migraine;
• Zavegepant—on track for a 2Q 2022 acceptance (based on March 2022 submission) in the U.S. as an intranasal spray for the acute treatment of migraine and in development as an oral soft gel for chronic migraine prevention; and
• A portfolio of five pre-clinical CGRP assets.

“Today’s announcement builds on our legacy of delivering breakthroughs for patients living with complex pain disorders and diseases that disproportionately impact women,” said Nick Lagunowich, global president, Pfizer Internal Medicine. “NURTEC ODT, which is already the the number one prescribed migraine medicine in its class in the U.S., coupled with Biohaven’s CGRP pipeline, offers hope for patients suffering from migraine worldwide. We believe Pfizer is uniquely positioned to help the portfolio reach its full potential given our leading scale and capabilities, including comprehensive field force engagement with Primary Care Physicians, specialists and health systems delivering the right information at the right time.”

This agreement follows on the November 9, 2021 collaboration for the commercialization of rimegepant and zavegepant outside the U.S., in connection with which Pfizer invested $350 million to acquire 2.6% of Biohaven.

“We are excited to announce Pfizer’s proposed acquisition of Biohaven, recognizing the market leadership of NURTEC ODT, our breakthrough all in one migraine therapy, and the untapped potential of our CGRP franchise,” said Vlad Coric, CEO, Biohaven. “Pfizer’s capabilities will accelerate our mission to deliver our migraine medicines to even more patients, while the new R&D company is well positioned to bring value to patients and shareholders by focusing on our innovative pipeline for neurological and other disorders. We believe this transaction represents significant future value creation for patients and our collective shareholders.”

Following the closing, New Biohaven will continue to operate under the Biohaven name and will continue to be led by Coric as CEO.