Pfizer’s Biohaven $11.6B takeout could fuel its spinout through the bear market

Pfizer’s $11.6 billion acquisition of Biohaven is the latest example of an alternative financing structure biotechs are using to survive the extended bear market; the deal also removes a top acquisition target from the short list of biotechs that pharmas are assessing to energize near-term growth. 

The companies announced on Tuesday that Pfizer Inc. (NYSE:PFE) will acquire Biohaven Pharmaceutical Holding Co. Ltd. (NYSE:BHVN) for $148.50 per share, a 79% premium over Biohaven’s close of $83.14 on Monday, before the deal was announced...