Pfizer’s buy of migraine treatment maker Biohaven Pharmaceutical represents a dedication to increase the attain of its calcitonin gene-related peptide (CGRP) franchise, CEO Vlad Coric advised CNBC’s Jim Cramer on Tuesday.
“There are still over 300,000 physicians in the U.S who write for the older triptans and have not yet written for one oral CGRP,” Coric mentioned in an interview on “Mad Money,” referring to a category of drugs used to deal with migraines.
“That’s not acceptable — we have to bring the modern day, novel therapies to those patients, and Pfizer really is the best company to build upon our work and unlock the potential of this franchise and bring it to the patients who are still in need,” he added.
Pfizer and Biohaven introduced on Tuesday that the Covid vaccine maker will buy Biohaven for about $11.6 billion. Pfizer will obtain all Biohaven inventory it would not already personal — the corporate took a 2.6% stake in Biohaven in November — for $148.50 a share in money.
Shares of Biohaven, whose predominant product is migraine tablet Nurtec, skyrocketed 68% on Tuesday to $140. Pfizer inventory rose 1.75%.
Cramer mentioned that whereas he believes Biohaven would not have been capable of increase the drug globally by itself, he believes that Pfizer’s assistance will make its migraine treatment one of many “top 10 drugs in the history of the world.”
“I agree, Jim. I think this is going to be one of the most important primary care drugs, and in addition to that is going to change the way migraine is treated and set a new standard of care,” Coric mentioned in response.
“I’m really looking forward to seeing the team at Pfizer really encourage patients to learn about this and tap into the full potential of CGRP agents,” he added.
Pfizer and Biohaven mentioned they anticipate to shut the acquisition by early 2023.
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