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 The deal includes an upfront payment of $500 million for the rights
to Biohaven's rimegepant and zavegepant. The payment consists of
$150 million in cash and $350 million for the purchase of Biohaven
equity at a 25% market premium.
Biohaven will also be able to fetch another $740 million in
milestone payments and receive double-digit royalties on the drugs'
overseas net sales from Pfizer.
Rimegepant, marketed as Nurtec ODT in the United States, has been
approved for the acute treatment of migraine attacks and the
prevention of episodic migraine in adults.
The drug brought in sales of about $136 million in the quarter ended
Sept. 30, a 46% jump over the previous three months.
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Biohaven
has applied for rimegepant's approval with the
European Medicines Agency and several other
regulatory authorities outside the United
States.
Zavegepant is being studied as an intranasal
and a soft-gel formulation in late-stage
clinical trials for migraine.
(Reporting by Manojna Maddipatla in Bengaluru;
Editing by Krishna Chandra Eluri and Aditya Soni)
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