Pfizer to spend $11.6B on migraine treatment maker Biohaven

By TOM MURPHY, AP Health Writer

[Pfizer/MGN]

Pfizer is starting to put its COVID-19 cash influx to use by spending $11.6 billion to venture deeper into a new treatment area.

The New York vaccine and cancer drug maker said Tuesday it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceuticals it does not already own.

Pfizer will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has a nasal spray under development. Shares of Biohaven had dipped below $100 in recent weeks but soared in trading Tuesday.