Biohaven, Pfizer enter up to $1.24 bln deal to market migraine drugs

Pfizer Inc will acquire overseas marketing rights to two migraine drugs from Biohaven Pharmaceutical Holding Co for up to $1.24 billion, the companies said on Tuesday.

The deal includes an upfront payment of $500 million for the rights to Biohaven's rimegepant and zavegepant. The payment consists of $150 million in cash and $350 million for the purchase of Biohaven equity at a 25% market premium.