By Michael Dabaie

 

Biohaven Pharmaceutical Holding Co. said it is in a strategic commercialization arrangement with Pfizer Inc. for rimegepant in markets outside of the U.S. upon approval.

Rimegepant is commercialized as Nurtec ODT in the U.S., and is indicated for acute treatment of migraine attacks and preventive treatment of episodic migraine in adults.

An application for the approval of rimegepant is currently under review by the European Medicines Agency and several additional regulatory authorities outside of the U.S., Biohaven said.

Under the arrangement, Biohaven would remain primarily responsible for further clinical development of rimegepant and the companies would cooperate in regulatory activities to secure approval.

Biohaven will continue to solely commercialize Nurtec ODT in the U.S and Pfizer would commercialize rimegepant, upon approval, in all regions outside the U.S.

Pfizer also gains rights outside of the U.S. to zavegepant, currently being studied in an intranasal delivery and a soft-gel formulation in Phase 3 clinical trials for migraine indications.

Pfizer would make an upfront payment of $500 million, consisting of $150 million cash and $350 million in the purchase of Biohaven equity at a 25% market premium. Biohaven can also receive up to $740 million in milestones.

In addition to the tiered double-digit royalties owed to Biohaven on net sales outside of the U.S., Pfizer would compensate Biohaven for the related royalties on net sales outside of the U.S. owed under its license and funding agreements with Bristol-Myers Squibb Co. and Royalty Pharma PLC.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

November 09, 2021 08:32 ET (13:32 GMT)

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