BHVN - Pfizer deal to buy Biohaven rallies biotech

The decision by Pfizer (NYSE:PFE) to acquire the commercial-stage biopharma company, Biohaven Pharmaceutical (BHVN) for nearly $12 billion has revived the beaten-down biotech space on Tuesday. SPDR S&P Biotech ETF (XBI) is trading higher after three sessions of declines to record the biggest intraday gain for the year, and the equal-weighted fund has lost more than 60% from its peak in February 2021. “We will need to see more M&A, but this is an excellent start,” Bloomberg reported quoting BMO Capital Markets. “Despite the deal, we’re not making the call that we’ve reached the bottom.” Meanwhile, Neurocrine Biosciences (NBIX), another commercial-stage biotech with a focus on neurological disorders, similar to Biohaven (BHVN), has recorded the biggest intraday gain following the news of the deal. BMO welcomed the all-cash deal highlighting its strategic fit with Pfizer (PFE). Arguing that the transaction signals a “welcome relief,” the analyst Evan David Seigerman noted: “We are very

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Pfizer deal to buy Biohaven rallies biotech