Under the terms of the agreement, Biohaven will continue to solely market the migraine drug rimegepant in the US, while Pfizer would commercialise the drug in all regions outside the US, subject to regulatory approval
Pfizer World Headquarters in Manhattan, New York. (Credit: Coolcaesar/Wikipedia.)
Pfizer has reached a collaboration and license agreement with Biohaven Pharmaceuticals to acquire the rights to market Biohaven’s migraine drugs rimegepant and zavegepant outside of the US.
Under the terms of the agreement, Biohaven will continue to solely market rimegepant in the US, while Pfizer would commercialise the drug in all regions outside the US, subject to regulatory approval.
Pfizer will make an upfront payment of $500m, consisting of $150m in cash and $350m in the purchase of Biohaven equity at a premium of 25%.
Biohaven will be responsible for the further clinical development of rimegepant and both the parties would work together to secure regulatory approval for the product.
The company is also eligible to receive up to $740m in milestone payments, in addition to the tiered double-digit royalties owed to Biohaven on net sales outside of the US.
In addition, Pfizer will get rights to zavegepant outside of the US, which is currently being studied in Phase 3 clinical trials in a soft-gel formulation for migraine indications.
Closing of the transaction is subject to completion of the review under applicable antitrust laws, and equivalents outside the US, and other customary closing conditions.
Pfizer internal medicine global president Nick Lagunowich said: “We are excited to join forces with Biohaven in the fight against migraine and help those patients impacted by this debilitating neurological disease.
“We believe our legacy in pain and Women’s Health combined with our experienced customer-facing colleagues, will enable us to maximise this opportunity with Biohaven, potentially bringing a valuable new treatment option to patients living with migraine pain.”
Rimegepant is indicated for treating acute migraine attacks and as a preventive treatment of episodic migraine in adults, sold in the US under the brand name Nurtec ODT.
The drug is designed to reversibly block CGRP receptors, to inhibit the biologic cascade that results in a migraine attack.
Rimegepant was approved in the US under the brand name Nurtec ODT in February 2020, for the acute treatment of migraine and for the preventive treatment of episodic migraine in May 2021.
The regulatory submission for the approval of rimegepant is currently being reviewed by the European Medicines Agency and various other regulatory authorities outside of the US.
Zavegepant is a third-generation, high affinity, selective and structurally unique, intranasal delivery small molecule CGRP receptor antagonist, currently in late-stage clinical trials.
Biohaven chief executive officer Vlad Coric said: “We believe this collaboration, which brings together the winning combination of Biohaven’s Neuroscience R&D with Pfizer’s industry-leading expertise and large global footprint will help accelerate access to rimegepant for patients around the world.
“With this alliance, Biohaven Pharmaceutical and Pfizer believe there is an opportunity to change the paradigm in migraine treatment and potentially establish a new standard of care.”