Connect with us

Business

Pfizer to buy Biohaven in $11.6 billion in biggest deal since 2016

The Biohaven deal is its largest since Pfizer's $14 billion purchase of cancer drugmaker Medivation in 2016

Published

on

Pfizer to buy Biohaven in $11.6 billion in biggest deal since 2016
GNN Media: Representational Photo

Pfizer Inc will pay $11.6 billion to buy migraine pill maker Biohaven Pharmaceutical, marking the biggest deal by the cash-rich drugmaker since 2016 to beef up its portfolio ahead of patent losses for some cancer drugs.

The deal, announced on Tuesday, will give Pfizer access to Biohaven's approved rimegepant, a potential blockbuster that belong to a class of migraine treatments known as calcitonin gene-related peptide (CGRP) inhibitors.

Flush with about $32 billion in cash on hand after its success with COVID-19 drugs, Pfizer has been looking to add treatments as patents for its top-selling drugs like blood thinner Eliquis near expiration.

The company also expects sales of its COVID-19 vaccines to drop from last year's highs.

"Investors will like this deal. Given Pfizer's strong balance sheet, this is still a small acquisition and we would expect more such deals," Wells Fargo analyst Mohit Bansal said in a note.

The Biohaven deal is its largest since Pfizer's $14 billion purchase of cancer drugmaker Medivation in 2016.

Pfizer will acquire all Biohaven shares that it does not already own for $148.50 per share in cash, a 78.6% premium to last closing price. It had taken a 2.6% stake in Biohaven in November.

Biohaven shares jumped 70.1% to $141.39 before the bell, while Pfizer was trading flat at $48.60.

With this deal, Pfizer will compete in a crowded market for migraine treatments from other large drugmakers such as Eli Lilly.

Biohaven's rimegepant, sold as Nurtec ODT in the United States, is approved for use as both a treatment and preventative for migraines and is expected to bring in sales of over $4 billion by 2030. It brought in sales of $462.5 million in 2021.

Biohaven is also developing another CGRP inhibitor and testing two non-CGRP drugs in late-stage studies.

After the deal closes, Biohaven shareholders, including Pfizer, will get 0.5 of a share of a new publicly traded company that will retain Biohaven's non-CGRP treatments.

SOURCE: REUTERS

Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Pakistan

Will not bow before Imran’s dictation: PM Shehbaz Sharif

"If the PTI was merely concerned about the election, they should have come to the parliament."

Published by Siddra Sumreen

Published

on

Will not bow before Imran’s dictation: PM Shehbaz Sharif

Islamabad: Prime Minister Shehbaz Sharif Thursday vowed not to bow before the dictations of ex-Prime Minister Imran Khan and made it clear that the National Assembly would, not anyone else, would decide the timing of the election.

“I want to make it clear to the head of this gang that none of his dictation will be accepted. This House will decide when to hold fair election,” the prime minister said addressing the National Assembly hours after Pakistan Tehreek-e-Insaf Chairman Imran Khan ended his long march here, giving the government a six-day deadline to announce a fresh election.

The prime minister said if the PTI was merely concerned about the election, they should have come to the parliament.

“Imran Niazi should not have any misunderstanding. There are 14 months (to complete the parliament’s term). We are open to talks. Dialogue is the trait of politicians. I can constitute a committee. But, if you think you will pressurize, blackmail or threaten us to leave the government, keep in mind, we will not bow before your pressure or dictation,” he reiterated.  

He accepted that the country was faced with numerous challenges but the coalition government would try its utmost to steer the country out of the issues it had inherited from the previous government.

Lamenting the riots and destruction caused by the participants of the PTI long march, the prime minister said the House should choose between the course of development or destruction.

Drawing a comparison between the economic growth of the two neighboring countries, he said in 1990s India copied Pakistan’s economic strategy and excelled with its IT exports touching $200 billion against $1.5 billion of Pakistan.

He said the protestors who also carried weapons to bring to the federal capital, also damaged infrastructure here and burnt down the trees despite the party claiming to be the champion of 10 Billion Tree Tsunami.

He also condemned the killing of a police constable in Lahore, sympathized with the grieved family and also announced an assistance package for the policemen who were martyred or injured in the line of their duty.

He said instead of showing some compassion to the widow or orphaned children of the martyred police constable, the PTI leader taunted him.

Calling it a 126-day theatre, the prime minister said the PTI’s sit-in in 2014 had not only impacted the national economy but also claimed the lives of the security personnel.

He told the House that the law enforcement agencies showed maximum restraint to control the situation only by using teargas or rubber bullet. The government also called in the army troops to aid the civilian setup, he added.

He also lauded the performance of the Islamabad Police, Rangers, FC, Islamabad Traffic Police and other departments concerned to protect the lives and properties of the people.

The prime minister said the PTI long march, which was led by Imran Khan from Peshawar and accompanied by KPK chief minister, was in fact an attack at the federation which could not be allowed in any civilized society.

The prime minister said after the nation sacrificed thousands of lives and left many others disabled, the slogan of jihad was raised in Peshawar by the PTI.

“Today, the slogans of jihad were raised in Peshawar. Jihad against whom? The nation needs an answer. They used the religion for personal gains which the House should condemn through a resolution to avert the recurrence of such incidents” he commented.

He said despite the dearth of resources, the previous government reduced the oil prices, leaving behind a “landmine” for the incumbent government.   

The prime minister said during the last three and half years, the PTI leadership did nothing to support the poor, closed PKLI, and ended free medical treatment of hepatitis patients.  

“Does it require any more evidence to believe that he is an enemy of Pakistan,” he remarked.

The prime minister also questioned the PTI leader as to why he announced a long march on May 25 despite knowing that it coincided with the sentencing of Kashmiri leader Yasin Malik by an Indian court.

He said the House was unanimous to condemn the sentence to Yasin Malik and shared the grief of his family, besides reiterating Pakistan’s stance to continue supporting the people of Kashmir for their right to self-determination.

He recalled the PTI’s sit-in of 2014 when the institutions including Pakistan Television was attacked and caused the postponement of Chinese President Xi Jinping which also delayed the signing of the China Pakistan Economic Corridor for seven months.

He said the Chinese firm executing Karot Hydropower project had agreed to provide free electricity to the national grid till the finalization of the Commercial Operations Date which would save Rs4 billion to the national kitty.

He said the previous government wasted three and half years in mere attacking the national institutions including the judiciary and hurling allegations ignoring the sufferings of the people.

“How long this drama will continue? How long this disturbed nation will tolerate it,” he questioned adding the country could not afford the history of the 2014 sit-in to be repeated.

Continue Reading

World

Death toll from Iran tower block collapse rises to 18

The number of people still trapped under the rubble remains unclear.

Published by Mehak Javed

Published

on

Death toll from Iran tower block collapse rises to 18

Tehran: Iranian authorities announced Thursday that 18 people were killed in the collapse of a building under construction in southwestern Iran, in a new toll after four days of the tragedy. 

On Monday, a large part of the 10-storey "Metropol" building under construction collapsed in Abadan, one of the main cities in Iran's Khuzestan province. The building is located in the middle of one of the busiest streets in the city of 230,000 people.

The number of people still trapped under the rubble remains unclear.

The cause of the collapse, which occurred during a sandstorm, is yet to be ascertained. 

Police, however, arrested the owner of the building and the project manager of the construction company that built it.

Continue Reading

Pakistan

Pakistan and Iran should tap vast scope in bilateral trade, economic cooperation: Bilawal

In meeting with his Iranian counterpart the foreign minister underscores the importance of the earliest completion of border markets to improve livelihood in the border region

Published by Faisal Ali Ghumman

Published

on

Pakistan and Iran should tap vast scope in bilateral trade, economic cooperation: Bilawal

Davos: Foreign Minister Bilawal Bhutto Zardari Thursday emphasized that Pakistan and Iran should tap the existing vast scope in bilateral trade and economic cooperation through various institutional mechanisms and innovative ways to identify new sectors.

The foreign minister, in a meeting with his Iranian counterpart Dr. Hossein Amir Abdollahian, on the sidelines of the World Economic Forum in Davos, reaffirmed Pakistan’s desire to strengthen Pak-Iran fraternal ties in all areas of mutual interest.

He underscored the importance of the earliest completion of border markets to improve livelihood in the border region.

The foreign minister appreciated Iran’s steadfast support for the Kashmir cause, especially at the Supreme Leader level.

Foreign Minister Bilawal also thanked Foreign Minister Abdollahian for sending an Iranian aircraft to Pakistan which helped in extinguishing the forest fire in Balochistan.

In the context of the situation in Afghanistan, Foreign Minister Bilawal Bhutto Zardari noted that as neighbours, Pakistan and Iran had been closely coordinating.

He underlined that sustained engagement between the international community and the Interim Afghan government was critical to advance shared objectives of peace and stability in Afghanistan.

Foreign Minister Abdollahian extended an invitation to the foreign minister to undertake a visit to Iran.

SOURCE: APP

Continue Reading

Trending