Pfizer to Buy Array BioPharma in Deal Valued at $10.64 billion
June 17 2019 - 8:09AM
Dow Jones News
By Kimberly Chin
Pfizer Inc. agreed to buy Array BioPharma Inc. in a deal worth
$10.64 billion, as the company looks to expand its pipeline of
cancer therapies.
Pfizer said it would pay Array shareholders $48 for each of its
shares outstanding in cash. The pharmaceutical company said it
would fund the transaction with debt and existing cash.
Shares of Array climbed 60% while Pfizer was off 0.14% in
premarket trading.
Array's portfolio includes Braftovi and Mektovi, which have been
approved for combined use in the treatment of metastatic melanoma.
The combined therapy is currently being tested in more than 30
clinical trials for other tumor-related diseases, such as
metastatic colorectal cancer.
Pfizer expects the deal, which is worth $11.4 billion including
debt, to be completed in the second half of the year.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
June 17, 2019 07:54 ET (11:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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