Royalty Pharma nabs $475M milestone from Pfizer upon migraine nasal spray OK

The FDA’s recent approval of Pfizer’s migraine nasal spray was also good news for Royalty Pharma, triggering a whopping $475 million milestone payment.

Royalty first struck a deal in 2020 to offer Biohaven $250 million in development funding for the program, zavegepant, in exchange for milestones and future royalties. This marks the first return on that deal for Royalty, a specialist in such pacts and an accelerated one at that, according to the company.