Another blow-out quarter from Pfizer provided the impetus for an acquisition. But the history of recent commercial-stage biotech transactions and the risky nature of all early-stage companies suggest that the floodgates will not burst open.

Real-world evidence – and maybe even an opioid-sparing claim – will be part of Pfizer’s efforts to grow the CGRP space if its $11.6bn bid for Biohaven’s migraine assets goes through. Nurtec ODT (rimegepant) is the star, but pending fast-acting zavegepant could play a valuable supporting role.

Market volatility, persistently high valuations, inflation and interest rates are among the issues sidetracking broader M&A, experts say.

Pfizer’s $11.6bn acquisition of the company brings it full rights to the oral migraine drug Nurtec ODT and nasal spray zevegepant, with aims to build a $6bn migraine franchise.