Pfizer Turns to Unusual Deal Structure to Buy Biohaven Drugs (2)

Pfizer Inc.’s $11.6 billion acquisition of Biohaven Pharmaceutical Holding Co. included a rarely used structure that could become a larger part of Big Pharma’s playbook in light of a tougher antitrust regime.

In the Biohaven deal, Pfizer is acquiring all of the company’s shares, according to a statement. Pfizer will keep two migraine drugs and some assets that are still in lab studies. The remainder -- drugs that are still in development -- will be spun off as a new publicly traded company.

Pfizer’s plan to absorb the assets it wants and then spin off the rest wasn’t ...