Pfizer buys maker of migraine drug for $11.6bn in biggest deal since 2016

The company is looking to expand as it expects sales of its Covid-19 vaccines to drop from last year's highs.

The Pfizer plant in Ringaskiddy, Co Cork. Picture Dan Linehan

Pfizer will pay $11.6bn (€11bn) to buy migraine pill maker Biohaven, marking the biggest deal by the cash-rich drugmaker since 2016 to beef up its portfolio ahead of patent losses for some cancer drugs.

The deal will give Pfizer access to Biohaven's approved rimegepant, a potential blockbuster that belongs to a class of migraine treatments known as calcitonin gene-related peptide, or CGRP, inhibitors.