Pfizer’s Biohaven deal opens new pharma era

Enlarged assets: A nurse is seen administering the Pfizer booster shot at a Covid vaccination site in Los Angeles. Entry into Biohaven offers Pfizer access to new products like a nasal spray for migraines. — AFP

CHICAGO: With biotech stocks in the dumps, investors have been hoping for deals to revive the sector, but lately, merger-and-acquisition (M&A) activity has been anaemic.

Finally on Tuesday, Pfizer announced it will buy Biohaven Pharmaceutical Holding Company Ltd, a nine-year-old company that makes treatments for migraines, for US$11.6bil (RM51bil).