Why Biohaven Pharmaceutical Stock Soared Today

Shares of Biohaven Pharmaceutical (NYSE: BHVN) rocketed 68% on Tuesday after the biopharmaceutical company struck a deal to be acquired by Pfizer (NYSE: PFE). 

Biohaven is a leader in the treatment of migraines -- often intensely painful headaches that affect 1 billion people worldwide. Its Nurtec ODT therapy is used to treat and prevent migraines in adults. 

The agreement would see Pfizer purchase Biohaven for roughly $11.6 billion, or $148.50 per share, in cash. Pfizer would also pay off Biohaven's debt and redeem its preferred stock.

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Source Fool.com