May 19, 2022 | Health Care | North America | Ended

Biohaven Pharmaceuticals / Pfizer: Deal Insights

On 10-May-22, Pfizer announced a definitive agreement to acquire Biohaven Pharmaceuticals, a drugmaker known for developing migraine treatment, in an all-cash deal valued at $11.6bn, or $148.50 per share. The offer represents a 33% premium to Biohaven’s average share price of $111.70 over the last three months, according to the announcement, and we calculate a one-day takeover premium of 78%. The deal is predicated on Pfizer acquiring Biohaven’s calcitonin gene-related peptide (CGRP) programs, and the plan is to separate Biohaven’s non-CGRP developmental stage pipeline assets into a newly-listed company, “New Biohaven” (its post-acquisition name will revert to ‘Biohaven’). Accordingly, the merger agreement stipulates that Biohaven shareholders will also, in addition to the cash consideration, receive 0.5 shares of New Biohaven for each Biohaven share held...

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