The latest move follows a collaboration and license agreement signed by the companies in November last year.
Sold in the US under the brand name Nurtec ODT, rimegepant is designed to reversibly block calcitonin gene-related peptide (CGRP) receptors to inhibit the biologic cascade that results in a migraine attack.
The US Food and Drug Administration (FDA) approved the drug to treat acute migraine and also as preventive therapy for episodic migraine.
The drug is also approved in the United Arab Emirates and Kuwait to treat acute migraine, and for both acute and preventive treatment of migraine in Israel.
A small molecule CGRP receptor antagonist, zavegepant is in clinical development with both intranasal and oral formulations.
Pfizer Internal Medicine global president Nick Lagunowich said: “The successful closing of our collaboration agreements represent an important and exciting step in expanding the impact of rimegepant to people outside the US with migraine.
“We are enthusiastic about working with the Biohaven team to bring this valuable new treatment option to the millions of people across the globe suffering from migraine.”
Under the terms of the deal, Pfizer made $500m upfront payment to Biohaven, of which $150m was paid in the form of cash and $350m through the purchase of Biohaven shares.
The company will own a 3% stake in Biohaven.
Biohaven is also eligible for milestone payments of up to $740m and tiered double-digit royalty payments on net sales outside the US.
Additionally, the company will be compensated by Pfizer for the related royalties on net sales outside of the US under Biohaven’s license and funding deals with Royalty Pharma and Bristol-Myers Squibb Company.
According to the deal, Biohaven will be responsible for the research and development of the drugs across the world and also has rights to market in the US.