Pfizer is buying Array BioPharma for $11.4 billion in a
deal that will expand its cancer drug arsenal.
Array makes an advanced skin cancer
treatment and has a deep pipeline of
cancer drugs in development. The
Boulder, Colorado-based company
said last month that its
combination of the drugs Braftovi
and Mektovi, along with another
treatment, led to a significant
improvement in overall survival in late-stage
testing for some patients with colorectal cancer. The
company plans to submit results from
that study to U.S. regulators for
approval later this year.
Pfizer’s offer of $48 per share
represents a premium of 62
percent to the stock’s closing price
Pfizer, the biggest U.S. drugmaker by
revenue, expects the transaction to add to
earnings per share starting in 2022.