Billionaire shopping for Pfizer. The US pharmaceutical giant has announced the acquisition of Biohaven Pharmaceutical Holding, treatment manufacturer Nurtec Odt, an innovative dual-acting migraine therapy approved for both the acute treatment and episodic prevention of migraine in adults. Cost of the operation? $11,6 billion, all in cash.
Pfizer already owns a 2,6% stake in Biohaven. The intention is to acquire the remaining 87,4% at the price of $ 148,5 per share, a figure that represents an approximately 33% premium over the weighted average selling price of Biohaven stock over the past three months. Subject to the expectation, upon closing of the transaction, the company that manufactures the mRNA COVID-XNUMX vaccine will also settle Biohaven's third-party debt and make repayment payments on all outstanding shares of Biohaven's callable preferred stock.
The transaction, Pfizer assures, will be financed with available liquidity. On the other hand, in the first quarter of 2022 alone, the company recorded revenues of 25,6 billion dollars, 14,9 of which derive from vaccines, while profits rose by 59% to 1,37 dollars per share.
The acquisition of Biohaven, Pfizer said, is subject to the completion of the spin-off of New Biohaven and other closing conditions, including receipt of regulatory approvals and approval by Biohaven's shareholders. The companies expect that the transaction is completed by the beginning of 2023. We also recall that on April 27, Pfizer and BioNTech submitted to the FDA the application for authorization of the booster dose of the Covid-19 vaccine for children aged 5 to 11 years.
Meanwhile, Wall Street reacts to the announcement of the new acquisition. A few minutes after the opening of the American Stock Exchange, Pfizer shares gained 0,88 percent to $49,48 per share, while Biohaven shares soar more than 70%, rising from 83,14 to over 141 dollars and approaching the offer price.
