Pfizer to Pay $11.6 Billion for Biohaven to Tap Migraine Market

Pfizer to Pay $11.6 Billion for Biohaven to Tap Migraine Market
Pfizer logo is seen in this illustration taken, on May 1, 2022. Dado Ruvic/Reuters
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Pfizer Inc said on Tuesday it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co, making a big bet on its ability to boost sales of the top-selling pill in a new class of migraine drugs.

The boards of both companies have approved the deal, they said. Biohaven shares jumped 70 percent to $141.31, while Pfizer was up slightly at $48.83.