Pharma BD Deal Intelligence
Pfizer's $11.6 billion cash acquisition of Biohaven bought its way into migraine with Nurtec ODT, a dual-action CGRP antagonist already approved for both acute treatment and prevention—plus zavegepant as a follow-on nasal-spray asset. The deal gave Pfizer an established, differentiated migraine franchise rather than a pipeline bet, with Biohaven spinning off its non-CGRP assets into a separate public entity before close.
Ranks computed across 828 graded deals (Critic + Outcome Score both present).
Pfizer buys migraine partner Biohaven for $11.6B, betting on CGRP drugs in grand return to neuroscience. Pfizer expects to grow Biohaven's oral CGRP franchise…
William Blair analysts wrote the acquisition is a good deal for both Pfizer and Biohaven, viewing it as clear validation of Nurtec ODT's leadership position in…
Nurtec ODT/Vydura full-year 2025 revenue of $1,424 million (2% of total revenue), confirming continued CGRP franchise growth under Pfizer ownership.
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Pfizer acquired Biohaven Pharmaceuticals for approximately $11.6 billion ($148.50 per share in cash), gaining Nurtec ODT (rimegepant), a dual-action CGRP receptor antagonist approved for both acute treatment and prevention of migraine. Prior to closing, Biohaven spun off its non-CGRP pipeline into a new public entity.
39M US cases/yr · $9M 2024 migraine market
Migraine is a common, disabling primary headache disorder characterized by recurrent attacks of moderate to severe, often unilateral and pulsating head pain, typically accompanied by nausea, vomiting, photophobia, or phonophobia, and in some patients preceded or accompanied by transient neurological aura. The Global Burden of Disease 2016 analysis, published in The Lancet Neurology, estimated that approximately 1.04 billion people worldwide live with migraine, and that migraine produced 45.1 million years lived with disability (YLDs) globally in 2016, carrying a much higher disability weight than tension-type headache. The burden is concentrated in working-age adults and falls disproportionately on women: among women aged 15 to 49 years, migraine produced 20.3 million YLDs, representing 11.2% of all years lived with disability in that age and sex group. Individual attacks can last hours to days and commonly impair the ability to work, study, drive, care for family, or function socially, and the chronic and episodic nature of the disease drives substantial lost productivity and reduced quality of life. The authors conclude that headache disorders, and migraine in particular, are important causes of disability worldwide and deserve greater attention in health policy debates and research resource allocation.
CGRP-targeting therapies dominate: Nurtec ODT (rimegepant), Ubrelvy (ubrogepant), and monoclonal antibodies (Aimovig, Ajovy, Emgality, Vyepti). Dual acute/preventive labeling is a differentiating feature. Competition is intense with payer step-edits and rebating as key levers.
Pfizer Inc. completed its acquisition of Biohaven Pharmaceutical Holding Company Ltd. for $11.6B.
Second CGRP product from Biohaven platform approved for acute migraine. Part of Pfizer Inc.'s $11.6B deal to acquire Biohaven Pharmaceutical Holding Company Ltd..
39% operational growth driven by US demand and international launches. Reflects financial performance following Pfizer Inc.'s $11.6B acquisition of Biohaven Pharmaceutical Holding Company Ltd..
Nurtec at $1.2B+ with 39% growth. Pfizer projects $6B peak sales. Assessment of Pfizer Inc.'s $11.6B acquisition of Biohaven Pharmaceutical Holding Company Ltd. and its strategic outcomes.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Pfizer Inc. / Biohaven Pharmaceutical Holding Company Ltd. (this deal) | 2022 | $11.6B | 69 |
| Pfizer Inc. / BioNTech SE | 2020 | $748M | 100 |
| Pfizer Inc. / FoldRx Pharmaceuticals | 2010 | — | 99 |
| Pfizer Inc. / Medivation Inc. | 2016 | $14.0B | 86 |
| Pfizer Inc. / Wyeth | 2009 | $68.0B | 86 |
| Pfizer Inc. / Warner-Lambert Company | 2000 | $90.0B | 83 |
| Pfizer Inc. / Arvinas, Inc. | 2021 | $2.4B | 77 |
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More: 2022 deals · Pfizer Inc. deals · Neurology deals