Pfizer Inc.’s planned acquisition of New Haven-based Biohaven Pharmaceuticals, well-known for its migraine drug Nurtec ODT, is expected to close on Oct. 3.
The timeline for the $11.6 billion deal was outlined in a recent filing with the U.S. Securities and Exchange Commission.
Vlad Coric, chairman and CEO of Biohaven, has said that the Pfizer acquisition will accelerate the company’s mission to provide migraine treatments to more patients.
The Pfizer deal includes the acquisition of Biohaven’s calcitonin gene-related peptide (CGRP) programs, which includes the drug rimegepant, known in the United States as Nurtec ODT for treatment and prevention of migraine. It is known as Vydura in the European Union.
It also includes Biohaven’s drug zavegepant, an intranasal spray against migraine under review by the FDA. The transaction also includes a portfolio of five pre-clinical CGRP assets.
A spin-off, New Biohaven, will be a new publicly-traded company that will focus on Biohaven’s non-migraine pipeline.
According to the SEC filing, Biohaven’s spin-off will own the company’s Kv7 ion channel activators, glutamate modulation, myeloperoxidase inhibition and myostatin inhibition platforms, preclinical product candidates, and certain corporate infrastructure.
New Biohaven will retain Biohaven’s non-CGRP development stage pipeline compounds. The company has been pursuing treatments for ailments such as obsessive compulsive disorder, spinocerebellar ataxia, epilepsy and amyotrophic lateral sclerosis.
The distribution for this spin-off is expected to happen immediately before the closing of Pfizer’s acquisition on Oct. 3, the filing states.
New Biohaven is expected to continue to operate under the Biohaven name, in New Haven, with Coric at the helm.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
