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Pfizer buys Array BioPharma

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

on Friday.

Pfizer, the biggest U.S. drugmaker by

revenue, expects the transaction to add to

earnings per share starting in 2022.

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