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Biohaven, Pfizer enter up to $1.24 billion deal to market migraine drugs

Reuters

Nov 9 (Reuters) - Pfizer Inc will acquire overseas marketing rights to two migraine drugs from Biohaven Pharmaceutical Holding Co, for an upfront payment of $500 million and up to an additional $740 million in milestones, the companies said on Tuesday.

The upfront payment for rights to Biohaven's rimegepant and zavegepant includes $150 million cash and $350 million in the purchase of Biohaven equity at a 25% market premium, the drugmakers said. (Reporting by Manojna Maddipatla in Bengaluru; Editing by Krishna Chandra Eluri)

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