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Economic Development News & Updates in
Greater New Haven
Pfizer to Acquire Biohaven Pharmaceuticals
Pfizer Inc. (NYSE: PFE) and Biohaven Pharmaceutical Holding Company Ltd. (NYSE: BHVN) today announced that the companies have entered into a definitive agreement under which Pfizer will acquire Biohaven, the maker of NURTEC® ODT, an innovative dual-acting migraine therapy approved for both acute treatment and episodic prevention of migraine in adults.

Under the terms of the agreement, Pfizer will acquire all outstanding shares of Biohaven not already owned by Pfizer for $148.50 per share in cash. Biohaven common shareholders, including Pfizer, will also receive 0.5 of a share of New Biohaven, a new publicly traded company that will retain Biohaven’s non-CGRP development stage pipeline compounds, per Biohaven common share. The boards of directors of both Biohaven and Pfizer have unanimously approved the transaction. Pfizer will pay transaction consideration totaling approximately $11.6 billion in cash. Pfizer will also make payments at closing to settle Biohaven’s third party debt and for the redemption of all outstanding shares of Biohaven’s redeemable preferred stock. The $148.50 cash consideration represents a premium of approximately 33% to Biohaven’s volume weighted average selling price of $111.70 over the three months prior to the announcement of the transaction. Read More
EDC Plans Biz-Boosting Flight Tour
A business-boosting nonprofit is teaming up with the city to bring the gospel of New Haven on the road — or, rather, on the plane — to some of the 14 communities newly accessible via Avelo Airlines.

Virgina Kozlowski, who helms the Economic Development Corporation of New Haven (EDC), detailed those plans Wednesday morning during the latest regular monthly meeting of the city Development Commission. The virtual meeting took place online via Zoom.

During Wednesday’s meeting, Kozlowski said that, from May 31 to June 2, she, city Economic Development Administrator Michael Piscitelli, and New Haven Innovation Collaborative Director Mike Harris — as well as other members of the local business community who are interested in paying their own way for the trip — will travel from Tweed to Raleigh, N.C. Read More
The Blavatnik Fund for Innovation at Yale Awards Over $3 Million in Accelerator Funding to Develop 12 New Therapeutic and Digital Health Products
Yale University announces its largest ever round of Blavatnik awards: a total of 12 new projects have received over $3 million in accelerator funding. The Blavatnik Fund for Innovation at Yale, made possible by a generous grant from the Blavatnik Family Foundation, supports Yale faculty in the commercialization of applied research and technology in the life sciences, mainly advancing promising medical breakthroughs in therapeutics. Read More
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New Haven’s Pirelli Building transformed to Hotel Marcel
The striking, Brutalist — and very, very visible — Marcel Breuer-designed Pirelli Building that has stood empty for decades next to Ikea at the junction of Interstates 95 and 91 is empty no more.

Vacant since soon after Pirelli Tire Co.’s 1988 purchase of the Armstrong Tire Co., which opened the building as its headquarters in 1970, the building this past week was a noisy beehive of last-minute preparations, full of the sounds of vacuums and occasional hammering and power tools.

But on Monday it will settle down and open — just in time for Yale University’s May 23 commencement — as the hippest, most sustainable and eco-friendly new hotel in town. Read More
More News & Events
May 17 & 18 Yale Innovation Summit: New Venture Haven at the Omni New Haven Hotel at Yale Read More

May 24 4-7 p.m. GNHCC 2022 Marcum LLP and GNHCC Regional Real Estate and Construction Forecast Read More

Guilford Economic Development Emerges from the Pandemic Read More

Milford P&Z approves affordable housing plan Read More