Pfizer is buying Biohaven Pharmaceutical for $11.6 billion, a deal that represents the company’s biggest acquisition since 2016. It will give Pfizer access to rimegepant, Biohaven’s migraine drug. (Reuters)

On the heels of Aduhelm’s disappointing rollout, Biogen is turning its focus to another Alzheimer’s drug, lecanemab. Biogen and partner Eisai announced Monday that they have submitted the drug for accelerated approval. (Endpoints News)

Novavax reported its first profitable quarter, generating net income of $203 million as its COVID-19 vaccine was distributed throughout the world. The company is hoping to have its shot authorized by the Food and Drug Administration for use in the U.S. (CNBC Weekly)

Emergent BioSolutions’ COVID-19 vaccine manufacturing issues were worse than initially detailed, according to a congressional committee investigation. The investigation found that Emergent was aware of quality problems at its Bayview plant, but moved forward with its government contracts anyway. (Politico)

Venture capital firm Flagship Pioneering, which is backing Moderna, has hired lobbyists to advocate for the company in D.C. “We recognize that transforming our current ‘sick care’ system to a true healthcare system will involve meaningful engagement with policymakers as well as patient and disease research groups,” Flagship executive partner Christine Heenan said in a statement. (STAT)