Ropes & Gray represented Pfizer in negotiating an ex-US strategic collaboration arrangement with Biohaven Pharmaceutical Company to commercialize rimegepant, a therapy approved in the U.S. as Nurtec ODT for the acute treatment of migraine attacks with or without aura and the preventative treatment of episodic migraine in adults. The transaction was announced on November 9.
Under the terms of the arrangement, Biohaven would remain primarily responsible for further clinical development of rimegepant and the parties will cooperate in regulatory activities to secure approval for the product. Biohaven will continue to solely commercialize Nurtec ODT in the U.S and Pfizer would commercialize rimegepant, upon approval, in all regions outside the U.S.
Under the financial terms of all transaction agreements, Pfizer will make an upfront payment of $500 million, consisting of $150 million cash and $350 million in the purchase of Biohaven equity. Biohaven is also eligible to receive up to $740 million in milestones in addition to tiered double-digit royalties.
The Ropes & Gray team was led by life sciences partner Amanda Austin and capital markets partner Zachary Blume (both of Boston) and IP transactions associates Ana Gomez-Palazzo and William Perez (both of Boston) and included business restructuring partner Jim Wilton, tax partner David Saltzman, litigation & enforcement partner Richard Batchelder, business restructuring counsel Patricia Chen (all of Boston) and tax associate Chris Shim (New York).
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