Pfizer has agreed to acquire the migraine treatment maker Biohaven Pharmaceuticals for $11.6 billion, the drugmaker said May 10.
Four things to know:
1. Pfizer first invested in Biohaven last November, according to ABC News. The company will buy all remaining shares at $148.50 per share in cash.
2. Biohaven makes rimegepant, an FDA-approved drug used to treat and prevent migraines.
3. The acquisition comes as Pfizer seeks to increase its portfolio before several of its key drugs lose patent exclusivity over the next decade, according to ABC News.
4. The deal represents the largest Pfizer has made since acquiring Medivation for $14 billion in 2016.