Earlier today, Pfizer (NYSE) has announced that it will acquire Biohaven Pharma (NYSE) for $11.6 billion in cash and stock.

Based on $148.50 per Share, the agreement will close early in 2023.

These are comments from 3 analysts at Street to discuss the deal.

BMO’s Evan David Seigerman: “We are very positive on this deal, as Nurtec/ rimegepant was one of the assets we highlighted in our PFE M&A piece, noting a good fit and potential cost synergies given PFE’s ownership of OUS rights.”

Cantor Fitzgerald’s Louise Chen: “We think this deal makes good strategic sense and it expands PFE’s pipeline to drive enhanced growth through 2030+. Given concerns over the upcoming LOE for key drugs, we believe growth is undervalued. Also, investors we have spoken with have said that they want PFE to be more aggressive on the M&A front and to use the cash they have made from COVID vaccine and oral anti-viral sales to grow the company.”

Mizuho’s Vamil Divan: “We have considered Pfizer an ideal acquirer of Biohaven’s portfolio given Pfizer’s strong global presence in primary care and legacy with products for migraine headaches, the company’s need for new growth drivers to overcome upcoming patent expirations, and its strong cash position. Pfizer announced an ex-US collaboration with Biohaven last November for rimegepant and zavegepant, before now announcing this broader acquisition.”

Today, Pfizer shares are up nearly 2%

By Senad Karaahmetovic