Pfizer Gains Outside US Rights To Biohaven's Migraine Treatment For $500M
- Biohaven Pharmaceutical Holding Company Ltd (NYSE: BHVN) and Pfizer Inc (NYSE: PFE) have announced an agreement for rimegepant in markets outside the U.S.
- Rimegepant is commercialized as Nurtec ODT in the U.S. and is indicated for the acute treatment of migraine attacks with or without aura and the preventive treatment of episodic migraine in adults.
- Under the financial terms of all transaction agreements, Pfizer will make an upfront payment of $500 million, consisting of $150 million cash and $350 million in Biohaven equity at a 25% market premium.
- Biohaven is also eligible to receive up to $740 million in milestones and tiered double-digit royalties owed to Biohaven on net sales outside of the U.S.
- Related Link: Eli Lilly To Test Injectable Migraine Med Against Biohaven's Oral Nurtec In Head-To-Head Study.
- Biohaven posted Q3 sales of $135.7 million compared to $17.7 million a year ago, beating the consensus of $128.4 million, led by increased Nurtec ODT sales volume and prices.
- Adjusted EPS loss of $(1.91) came in above the estimated $(2.40) loss.
- Price Action: BHVN shares are down 18.8% at $113.46, and PFE shares are down 1.32% at $47.69 during the market session on the last check Tuesday.
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