Pfizer to spend $11.6 billion on migraine treatment maker Biohaven

Pfizer is spending $11.6 billion to buy the remaining portion of migraine treatment maker Biohaven Pharmaceuticals it does not already own.

The New York drugmaker said today it will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has another nasal spray under development.

The price represents a 33% premium over Biohaven’s 90-day weighted average trading price of $111.70 for Biohaven Pharmaceutical Holding Co. Ltd., which is based in New Haven, Conn.

Shares of Biohaven, which had tumble below $100 in recent weeks, soared 72% before the opening bell to about $72. Pfizer’s stock slipped.

Pfizer Inc. has been flush with cash in recent quarters, thanks in part to sales of its COVID-19 vaccine Comirnaty and now its pill treatment for the virus, Paxlovid. Those drugs brought in more than $14 billion in sales during the recently completed first quarter.