Biotech Values

[DewDiligence]

PFE acquires BHVN for $148.50 cash—a 79% premium to yesterday’s close:

https://finance.yahoo.com/news/pfizer-acquire-biohaven-pharmaceuticals-104500807.html

The nominal deal value is $11.6B.

Both PFE and BHVN shareholders will receive 0.5 shares of a newly formed (as yet unnamed) company that will own BHVN’s non-migraine pipeline assets.

Note: PFE already owned the ex-US commercial rights to BHVN's Nurtec-ODT/Vydura by virtue of a deal announced in Nov 2021 (#msg-166695371). Vydura (the EU brand name) was approved for marketing in the EU two weeks ago (#msg-168679769).