Pfizer to Acquire Biohaven Pharmaceutical for $11.6 Billion (2)

Pfizer Inc. said it will acquire Biohaven Pharmaceutical Holding Co. for $11.6 billion in cash to gain an approved treatment for migraine headaches.

Pfizer will pay $148.50 a share for all of New Haven, Connecticut-based Biohaven’s outstanding stock, according to a statement Tuesday. For each share of Biohaven, shareholders including Pfizer will also receive half a share of New Biohaven, a new publicly traded company that will retain some compounds in development that don’t use the anti-migraine technology, called CGRP.

With billions in hand from sales of its Covid-19 vaccine and treatment, Pfizer has the resources to diversify beyond ...