BHVN up 39% @ 11.54 > Shares of Biohaven Ltd. rose by building on their debut surge from the previous day after the company was formally acquired by Pfizer Inc. and spun off.
The clinical-stage biopharmaceutical company and its Nurtec ODT migraine drug were acquired by Pfizer for $11.6 billion in cash and, immediately upon the closing of the acquisition, Biohaven was spun off into a separate entity. Pfizer owns about 3% of the new company.
As part of the acquisition, shareholders of the previous Biohaven received $148.50 a share in cash as well as shares of the new company, which retains the Biohaven moniker and its pipeline of non-calcitonin gene-related peptide programs.
The New Haven, Conn.-based company is launching anew with nearly $258 million in cash and no debt.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
New York Yankees and Duke Basketball
