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Deal with Pfizer will help expand Nurtec's range of migraine pills, says the CEO of Biohaven
Pfizer's acquisition of migraine maker Biohaven Pharmaceutical is a commitment to expanding the calcitonin gene peptide (CGRP) franchise, CEO Vlad Choric told CNBC's Jim Cramer on Tuesday. "There are still more than 3...
Updated: 49 months ago2 min read
Pfizer shares were up 1.75%.
Pfizer's acquisition of migraine maker Biohaven Pharmaceutical is a commitment to expanding the calcitonin gene peptide (CGRP) franchise, CEO Vlad Choric told CNBC's Jim Cramer on Tuesday.
"There are still more than 300,000 doctors in the United States who write about the older triptans and haven't written about oral CGRP," Choric said in an interview with Mad Money, citing the class of drugs used to treat migraines.
"This is unacceptable - we need to bring new and modern therapies to these patients, and Pfizer is truly the best company to step up our work and unlock the potential of this franchise and make it available to patients who still need it," added.
Pfizer and Biohaven announced on Tuesday that the maker of the Covid vaccine would buy Biohaven for about $11.6 billion. In addition, Pfizer will receive all Biohaven shares it does not yet own the company took a 2.6% stake in Biohaven in November -- for $148.50 per share in cash.
Shares of Biohaven, whose flagship product is the Nurtec migraine pill, rose 68% to $140 on Tuesday. Pfizer shares were up 1.75%.
While he believes Biohaven cannot measure the drug itself globally, Kramer believes Pfizer's help will make his migraine medication one of the "10 best drugs in world history."
"I agree, Jim. "I think it's going to be one of the most important drugs in primary care, and beyond that, it's going to change the way migraines are treated and set new standards of care," Coric replied.
"I'm looking forward to the Pfizer team encouraging patients to educate themselves and realize the full potential of CGRP compounds," he added. Pfizer and Biohaven said they would complete the acquisition in early 2023.
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