Pfizer to acquire Array BioPharma for $11.4bn
US biopharmaceutical company Pfizer has entered agreed to acquire Array BioPharma, a biotechnology company which develops small molecule drugs for the treatment of cancer.
In an announcement today, June 17, Pfizer said it will acquire Array for $48 per share, which will amount to a total value of approximately $11.4 billion.
Array’s portfolio includes the combined use of Braftovi (encorafenib) and Mektovi (binimetinib), which has been approved by the US Federal Drug Administration, for the treatment of two mutations (BrafV600E or BrafV600K) which occur in up to 15% of people with colorectal cancer in the US.
Pfizer said the combination therapy has “significant potential for long-term growth” and is currently being investigated in more than 30 clinical trials.
Albert Bourla, CEO of Pfizer, said today’s announcement reinforces Pfizer’s commitment to breakthrough innovations that change patients’ lives while creating shareholder value.
Bourla said: “The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers.”
Ron Squarer, the CEO of Array, welcomed the acquisition.
Squarer said: “Pfizer shares our commitment to patients and a passion for advancing science to develop even more options for individuals with unmet needs. We’re excited our team will have access to world-class resources and a broader research platform to continue this critical work.”
Pfizer said it expects to complete the acquisition in the second half of 2019.
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