Pfizer to buy biotech group Biohaven for $11.6bn

US pharmaceutical groupís biggest deal in more than 5 years comes as sales of its Covid vaccine are set to fall

 

James Fontanella-Khan, Hannah Kuchler and Jamie Smyth in New York and Arash Massoudi in London, Financial Times

May 10, 2022

 

Pfizer has agreed to buy US biotech Biohaven Pharmaceuticals for $11.6bn, striking its biggest deal in more than five years as the pharma company bolsters its pipeline of drugs.

 

The New York-based company said on Tuesday that it will pay $148.5 per share in cash for Biohaven, a 78 per cent premium to the biotechís closing price on Monday.

 

With record revenues linked to the success of its Covid-19 vaccine and antiviral pill forecast to fade, Pfizer had been hunting for acquisitions to sustain its growth. The deal is Pfizerís largest since its 2016 purchase of Medivation for $14.3bn.

 

Analysts have expected a dealmaking boom after a biotech sell-off earlier this year hit valuations, creating opportunities for Big Pharma. A number of large pharmaceuticals groups are looking for ways to replenish their pipelines before they lose exclusivity on blockbuster drugs...

 

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