Biohaven shares soar 73% after Pfizer offer

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One of the largest pharmaceutical companies in the world has made an offer to buy Biohaven Pharmaceutical. After the appearance of this information, Biohaven’s securities rose in price by 73% at once, to $144 per share. At Pfizer itself, shares rose only 1.3% and are traded on US stock markets at $49.

Pfizer plans to buy Biohaven in its entirety and is offering $11.6 billion for 100% of the shares. This price exceeds the company’s current capitalization and corresponds to $148 per share. In addition to ordinary shares, Pfizer plans to buy all preferred shares, as well as pay off the company’s debts.

The two companies have previously collaborated on the production of a migraine drug. Now that the coronavirus pandemic has subsided and demand for medicines and vaccines is declining, Pfizer has made business diversification a top priority.

The deal is expected to close in the winter of 2022-2023. If successful, the deal will be Pfizer’s largest acquisition in over 7 years. In 2016, the company acquired the Irish Allergan, then the merger took $160 billion.

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