Pfizer Inc said on Tuesday it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co, making a big bet on its ability to boost sales of the top-selling pill in a new class of migraine drugs.
The boards of both companies have approved the deal, they said. Biohaven shares jumped 70 percent to $141.31, while Pfizer was up slightly at $48.83.
Pfizer is flush with cash from a once-in-a-lifetime surge in revenue from COVID-19 vaccines and therapeutics and has said it is looking to buy companies or drugs that could add at least $25 billion in annual sales by the end of the decade.
The New York-based drugmaker said Biohaven’s migraine drugs could top $6 billion in annual sales at their peak.
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