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 nonetheless over 300,000 physicians within the U.S who write for the older triptans and haven’t but 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 is not acceptable — we now have to carry the fashionable day, novel therapies to these sufferers, and Pfizer actually is the most effective firm to construct upon our work and unlock the potential of this franchise and convey it to the sufferers who’re nonetheless in want,” he added.
Pfizer and Biohaven announced 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 primary 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 “high 10 medicine within the historical past of the world.”
“I agree, Jim. I feel that is going to be one of the vital essential major care medicine, and along with that’s going to vary the way in which migraine is handled and set a brand new commonplace of care,” Coric mentioned in response.Â
“I am actually wanting ahead to seeing the staff at Pfizer actually encourage sufferers to find out about this and faucet into the total potential of CGRP brokers,” he added.
Pfizer and Biohaven mentioned they count on to shut the acquisition by early 2023.
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