Pfizerbuying a migraine medication manufacturer Pharmaceutical Biohaven represents a commitment to expand the reach of its calcitonin gene-related peptide (CGRP) franchise, CEO Vlad Coric told CNBC’s Jim Cramer on Tuesday.
“There are still over 300,000 doctors in the United States writing for older triptans and they have not yet written for an oral CGRP,” Coric said in an interview on “crazy money“, referring to a class of medicines used to treat migraines.
“This is not acceptable: we have to bring modern day, new therapies to those patients, and Pfizer is truly the best company to leverage our work and unlock the potential of this franchise and bring it to patients who still need it,” he added. .
Pfizer and Biohaven announced Tuesday that vaccine maker Covid will purchase Biohaven for approximately $ 11.6 billion. Pfizer will receive all Biohaven stock it does not already own – the company acquired a 2.6% stake in Biohaven in November – for $ 148.50 per share in cash.
Shares of Biohaven, whose main product is the Nurtec migraine pill, skyrocketed 68% on Tuesday to $ 140. Pfizer shares were up 1.75%.
Cramer said that while he believes Biohaven would not have been able to expand the drug globally on its own, he believes Pfizer’s help will make its migraine drug one of the “10 best drugs in the history of the world.”
“I agree, Jim. I think this will be one of the most important primary care drugs, and it will also change the way migraines are treated and set a new standard of care,” Coric said in response.
“I’m looking forward to seeing Pfizer’s team really encourage patients to learn about this and harness the full potential of CGRP agents,” he added.
Pfizer and Biohaven said they plan to close the acquisition by early 2023.
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