Pfizer buys rest of migraine treatment maker Biohaven

Pfizer is starting to put its COVID-19 cash influx to use by spending $11.6 billion to venture deeper into a new treatment area.

The New York vaccine and cancer drug maker said Tuesday it will use cash on hand to buy the remaining portion of migraine treatment developer Biohaven Pharmaceutical it does not already own.

Pfizer will pay $148.50 in cash for each share of Biohaven, which makes Nurtec ODT for treating and preventing migraines and has a nasal spray under development.

Pfizer Inc. brought in more than $14 billion in sales during the recently completed first quarter from its COVID-19 vaccine Comirnaty and its new pill treatment for the virus, Paxlovid.