Pfizer said Tuesday that it will purchase Biohaven, a maker for migraine drugs, for $11.6 billion in cash in a deal that may help ease what has been a brutal bear market for biotechnology stocks.
Biohaven markets one migraine treatment that is approved in the U.S., NURTEC ODT, and has a second migraine treatment, a nasal spray called zavegepant, that was submitted to the U.S. Food and Drug Administration in March. In a release of earnings Tuesday, Biohaven forecast that it would see product sales of between $825 million and $900 million in 2022.