Pfizer
Under the deal, Pfizer will have access to Biohaven's approved rimegepant, which belongs to a class of migraine treatments known as calcitonin gene-related peptide (CGRP) inhibitors. Rimegepant is approved in the United States, sold under the name NURTEC ODT, and European Union, called VYDURA, for both acute treatment of migraine and the preventive treatment of episodic migraine.
About one billion people suffer from migraine across the globe, according to the companies' press release, of which 75% are women. The World Health Organization (WHO) classifies migraine as one of the 10 most disabling medical illnesses.
Biohaven forecasts NURTEC sales to be between $825 million to $900 million this year, Reuters reports. NURTEC competes with two CGRP inhibitor pulls from AbbVie
Pfizer expects NURTEC to eventually overtake the market, with sales to total over $4 billion by 2030. The drug brought in sales of $462.5 million in 2021.
"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 Vlad Cori, chief executive at Biohaven, quoted by Reuters.
Pfizer will also acquire Biohaven's zavegepant, which is a CGRP intranasal spray for the treatment of migraines and is in development as an oral soft gel for chronic migraine prevention. In April, the U.S. Food and Drug Administration (FDA) had approve Biohaven's Investigational New Drug (IND) applications to initiate a Phase 2 study of zavgepant for the treatment of COVID-19 infection associated pulmonary complications.
Under the terms of the deal, Pfizer will acquire all BioHaven sheres it does not already own for $148.50 per share in cash, a 78.6% premium to the company's last closing price on Monday. Pfizer took a 2.6% stake in Biohaven back in November.
