NewHavenBIZ

10 n e w h a v e n B I Z | D e c e m b e r 2 0 2 2 | n e w h a v e n b i z . c o m By Liese Klein F or many entrepreneurs, an $11.6-billion buyout might be an opportunity to take a few years off, or even retire to a life of leisure. Not for the researchers and core staff of New Haven's Biohaven Pharmaceuticals. Aer striking an $11.6-billion deal with Pfizer for its migraine drug portfolio, Biohaven's leadership team immediately spun off a new company and started focusing on a new set of neurological ailments. "On Oct. 3, the deal with Pfizer closed, and on Oct. 4, we started the new company," said Dr. Vlad Coric, founder and CEO of Biohaven. "e exit to Pfizer was important because they have a footprint that they can bring [migraine drug Nurtec] to patients around the world," Coric said. "What was really important [to us] is how do you structure a deal so that we can continue our work?" Biohaven, established in New Haven in 2013, made national news in May when Pfizer announced the buyout, in which it would acquire the biotech's portfolio of calcitonin gene-related peptide (CGRP) receptor antagonists. Most notably, the pharma giant would now own the blockbuster migraine drug rimegepant, branded as Nurtec ODT in the United States and Vydura in the European Union. Endorsed by celebrities like Khloe Kardashian, Nurtec generated $136 million in sales in the third quarter of 2021 alone, according to Fierce Biotech, for a total of $336 million in sales to that point since its March 2020 launch. "I still get emails and calls about how our drug has changed someone's life," Coric said. "When you look at what we as a small company accomplished, it was quite remarkable." Nurtec's expanding market share soon drew the attention of industry giant Pfizer, which is based in New York but has a major R&D facility in Groton and a clinical research unit in New Haven. Pfizer's Connecticut footprint has been growing: Executives have said it plans $40 million in improvements in Groton and plans to hire 100 additional workers for a new center there devoted to the study of mRNA technology, used in the development of its groundbreaking COVID-19 vaccine. With Biohaven's suite of products based on CGRP receptor antagonists, Pfizer said it planned to expand marketing and availability of the drugs, offering effective new options for migraine sufferers worldwide and bolstering its internal medicine pipeline. "Combined with Pfizer's global reach, this acquisition increases our potential to bring new treatment options to patients with migraines — a disease which affects over 1 billion people worldwide," said Aamir Malik, Pfizer's executive vice president, chief business innovation officer. 'New Biohaven' As when homegrown Alexion was acquired by AstraZeneca in 2021, the New Haven biotech community held its breath when Biohaven's Pfizer deal was announced. Would the company be moving out of town or shedding jobs? Coric and his team soon announced they had no plans to decamp to the Big Apple or even Groton. Part of the Pfizer deal was the creation of a new company that would remain in New Haven with the 200 core employees who helped launch Nurtec. e "new Biohaven" would also retain the company's non-migraine pipeline — Kv7 ion channel activators and glutamate modulation and myostatin inhibition platforms that show promise for a range of neurological diseases including epilepsy, obsessive compulsive disorder, spinal muscular atrophy and pain and mood disorders. Biohaven Ltd. launched in October with $258 million in cash, no debt, and 13 clinical and preclinical programs focused on neuroscience and rare disorders. In the weeks aer the Pfizer deal closed, Biohaven stock was in such demand that the company did a quick raise, which brought in another $300 million. "People knew our team, knew our story, and then a lot of investors wanted to buy more stock," Coric said. "We've kind of demonstrated to the Street that we know how to do R&D and we can also launch our own drugs — there's not a lot of companies that can do both of those. at is important because it gives us access to capital to run our R&D." "ere's clear signaling that there's more good science here to pursue," said Peter Denious, president A t A G l a n c e Company: Biohaven Industry: Bioscience/drug development Top Executive: Dr. Vlad Coric, Founder & CEO HQ: 215 Church St., New Haven Website: www.biohaven.com Phase Two Biohaven sets sights on new ailments aer $11.6B Pfizer deal Biohaven CEO Vlad Coric and his team are working toward new advances in treatments for neurological diseases beyond migraine drug Nurtec. PHOTO | STEVE LASCHEVER

• Cover