Maples Advises Biohaven in Largest Take-Private Transaction in BVI

Maples and Calder, the Maples Group's law firm, is pleased to have recently provided British Virgin Islands ("BVI") counsel to Biohaven Pharmaceutical Holding Company Ltd ("Biohaven"), in respect of definitive agreement regarding its acquisition by US pharmaceutical group, Pfizer.  Notably, the transaction, valued at approximately US$11.6 billion, would be the largest take-private of a BVI listed entity to date when completed. 

The acquisition is subject to, among other things, approval of the Biohaven shareholders. Once approved, the take-private will be executed as a BVI merger with Pfizer acquiring all outstanding shares of Biohaven and the calcitonin gene-related peptide ("CGRP") programmes.  A new publicly traded company, New Biohaven, a research and development company will retain Biohaven's non-CGRP development stage pipeline programme. 

Chris Newton, a Corporate Partner in the firm's BVI office, led the BVI legal team which included BVI Managing Partner Richard May (Corporate) and Partner Matthew Freeman (Dispute Resolution & Insolvency), Associate Amel Wehden (Corporate) and Chartered Legal Executive Chloe Harris (Corporate). The team acted alongside Biohaven's US counsel Sullivan & Cromwell. 

Commenting on the transaction, Chris said, "This acquisition highlights the BVI's ability to attract and support innovative, cross-border M&A transactions and we are extremely pleased that the Maples Group continues to be at the forefront of this. We have supported the Biohaven team from incorporation and look forward to continuing to work with them in bringing a close to this next chapter."

This agreement follows the two companies 9 November 2021 collaboration for the commercialisation of rimegepant and zavegepant outside the US, where the firm also advised Biohaven.