Biohaven Pharmaceutical Holding Co Ltd (BHVN)

History and Background

Biohaven Pharmaceutical Holding Co Ltd was founded in 2017, emerging from a spin-off of Portfolio Company from Argus Foundation. A significant milestone was the FDA approval of Nurtec ODT (rimegepant) in December 2019 for the acute treatment of migraine, followed by its approval for migraine prevention in June 2021. In October 2022, Pfizer Inc. acquired Biohaven Pharmaceuticals for $11.6 billion, integrating its migraine portfolio into Pfizer's broader neuroscience business.

Core Business Areas

• Neurology and Rare Diseases: Focus on the development and commercialization of innovative therapies for neurological diseases and rare disorders, with a primary emphasis on migraine.

Leadership and Structure

Prior to its acquisition by Pfizer, Biohaven was led by a management team with extensive experience in the pharmaceutical industry. Following the acquisition, its operations and pipeline have been integrated into Pfizer's organizational structure.

Key Offerings

• Nurtec ODT (rimegepant): A first-in-class, orally disintegrating tablet (ODT) medication approved for the acute treatment of migraine in adults, and for the preventive treatment of episodic migraine in adults. It targets the calcitonin gene-related peptide (CGRP) receptor. Competitors include other CGRP inhibitors like Ubrelvy (ubrogepant) from AbbVie and Emgality (galcanezumab) from Eli Lilly, as well as older classes of migraine medications. Nurtec ODT has achieved significant market penetration, becoming a leading option for migraine sufferers. Specific market share data is now part of Pfizer's reporting.
• Quvivig (vismolstant): A CGRP receptor antagonist for the preventive treatment of migraine, approved in the US and Europe. Similar to Nurtec ODT, it competes within the CGRP antagonist class.

Industry Overview

The pharmaceutical industry, particularly the neuroscience sector, is characterized by high R&D costs, extensive regulatory oversight, and a strong demand for innovative treatments for unmet medical needs. The migraine market is substantial and continues to evolve with the introduction of targeted therapies.

Positioning

Biohaven established a strong position in the migraine market with its innovative CGRP-targeting therapies. Its ODT formulation offered a convenient delivery method. Post-acquisition, its products are now part of Pfizer's extensive neuroscience franchise.

Total Addressable Market (TAM)

The global migraine market is valued in the billions of dollars and is projected to grow significantly, driven by increasing prevalence, better diagnosis, and the availability of advanced treatments. Biohaven's products, now under Pfizer, are positioned to capture a substantial portion of this growing TAM.

Key Competitors

• AbbVie Inc. (ABBV)
• Eli Lilly and Company (LLY)
• Bristol Myers Squibb Company (BMY)
• Merck & Co., Inc. (MRK)
• Teva Pharmaceutical Industries Ltd. (TEVA)

Competitive Landscape

Biohaven's key advantage was its innovative CGRP antagonist portfolio, particularly the ODT formulation of Nurtec ODT, which offered a unique delivery mechanism. However, it faced significant competition from other CGRP inhibitors and established migraine treatments. As part of Pfizer, its competitive standing is now enhanced by Pfizer's vast market access and resources.

Pfizer Inc.

• Year: 2022
• Acquisition Price (USD millions): 11600
• Strategic Rationale: Pfizer acquired Biohaven to gain access to its leading migraine therapies, Nurtec ODT and Quvivig, strengthening its neuroscience portfolio and expanding its presence in the neurology market.

Historical Growth: Biohaven exhibited rapid growth in its early years, driven by the successful development and launch of its migraine portfolio. Revenue growth was particularly strong post-Nurtec ODT approval. The acquisition by Pfizer represents a significant endpoint for its independent growth trajectory.

Future Projections: As a part of Pfizer, the future growth of Biohaven's former products is tied to Pfizer's strategic plans for its neuroscience division. Projections would be part of Pfizer's overall guidance.

Recent Initiatives: The most significant recent initiative was the acquisition by Pfizer in October 2022, which provided substantial capital and resources to further develop and market its migraine therapies globally.

Biohaven Pharmaceutical Holding Co Ltd successfully developed and commercialized innovative migraine treatments, establishing a strong market presence. Its acquisition by Pfizer in 2022 highlights the value of its pipeline and commercial success. While facing significant competition, its CGRP-targeting therapies were well-received. The company's future is now integrated with Pfizer's broader neuroscience strategy, ensuring continued market access and potential for further development.

Data Sources:

• Company press releases and investor relations materials (prior to acquisition)
• Pfizer Inc. financial reports (post-acquisition)
• Industry analysis reports
• Financial news outlets

Disclaimers:

The information provided is for informational purposes only and does not constitute financial advice. Market share data and competitor analysis are estimates and subject to change. Historical data for Biohaven Pharmaceutical Holding Co Ltd is presented as it was prior to its acquisition by Pfizer Inc. Post-acquisition financial performance and market positioning are integrated into Pfizer's reporting.