UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE TO

Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1)

of the Securities Exchange Act of 1934

 

 

ARRAY BIOPHARMA INC.

(Name of Subject Company)

ARLINGTON ACQUISITION SUB INC.

(Offeror)

PFIZER INC.

(Parent of Offeror)

(Names of Filing Persons)

Common stock, par value $0.001 per share

(Title of Class of Securities)

04269X105

(CUSIP Number of Class of Securities)

Margaret M. Madden

Pfizer Inc.

235 East 42nd Street

New York, NY 10017

(212) 733-2323

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)

With a copy to:

Edward D. Herlihy, Esq.

David K. Lam, Esq.

Brandon C. Price, Esq.

Wachtell, Lipton, Rosen & Katz

51 West 52 nd Street

New York, NY 10019

(212) 403-1000

 

 

CALCULATION OF FILING FEE

 

Transaction Valuation*   Amount of Filing Fee**
$10,937,863,564.65   $1,325,669.06

 

 

*

Calculated solely for purposes of determining the filing fee. The calculation of the transaction value is determined by adding the sum of (i) 223,128,985 shares of common stock, par value $0.001 per share, of Array BioPharma Inc. (“Array”) multiplied by the offer price of $48.00 per share, (ii) the net offer price for 15,982,995 shares issuable pursuant to outstanding stock options with an exercise price less than $48.00 per share (which is calculated by multiplying the number of shares underlying such outstanding stock options by an amount equal to $48.00 minus the weighted average exercise price per share), (iii) 1,114,804 shares subject to issuance upon settlement of outstanding restricted stock units multiplied by the offer price of $48.00, and (iv) 75,482 shares estimated to be subject to issuance pursuant to Array’s Amended and Restated Employee Stock Purchase Plan multiplied by the offer price of $48.00. The calculation of the filing fee is based on information provided by Array as of June 24, 2019.

**

The amount of the filing fee is calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory #1 for Fiscal Year 2019, issued August 24, 2018, by multiplying the transaction value by 0.0001212.

 

Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

 

Amount Previously Paid: N/A      Filing Party: N/A
Form or Registration No.: N/A      Date Filed: N/A

 

Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

 

 

third-party tender offer subject to Rule 14d-1.

 

issuer tender offer subject to Rule 13e-4.

 

going-private transaction subject to Rule 13e-3.

 

amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer:  ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

 

 

Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

 

Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

 

 

 


This Tender Offer Statement on Schedule TO (this “Schedule TO”) relates to the tender offer by Arlington Acquisition Sub Inc., a Delaware corporation (“Purchaser”) and a wholly owned subsidiary of Pfizer Inc., a Delaware corporation (“Pfizer”), for all of the outstanding shares of common stock, par value $0.001 per share (“Shares”), of Array BioPharma Inc., a Delaware corporation (“Array”), at a price of $48.00 per share, net to the seller in cash, without interest, but subject to any required withholding of taxes, upon the terms and conditions set forth in the offer to purchase, dated June 28, 2019 (the “Offer to Purchase”), a copy of which is attached as Exhibit (a)(1)(A), and in the related letter of transmittal (the “Letter of Transmittal”), a copy of which is attached as Exhibit (a)(1)(B), which, as each may be amended or supplemented from time to time, collectively constitute the “Offer.”

All the information set forth in the Offer to Purchase, including Schedule I thereto, is incorporated by reference herein in response to Items 1 through 9 and Item 11 of this Schedule TO, and is supplemented by the information specifically provided in this Schedule TO.

 

Item 1.

Summary Term Sheet.

Regulation M-A Item 1001

The information set forth in the Offer to Purchase under the caption SUMMARY TERM SHEET is incorporated herein by reference.

 

Item 2.

Subject Company Information.

Regulation M-A Item 1002

(a)     Name and Address. The name, address, and telephone number of the subject company’s principal executive offices are as follows:

Array BioPharma Inc.

3200 Walnut Street

Boulder, CO 80301

(303) 381-6600

(b)-(c)     Securities ; Trading Market and Price . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

INTRODUCTION

THE TENDER OFFER — Section 6 (“Price Range of Shares; Dividends”)

 

Item 3.

Identity and Background of Filing Person.

Regulation M-A Item 1003

(a)-(c)     Name and Address; Business and Background of Entities; and Business and Background of Natural Persons . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 8 (“Certain Information Concerning Pfizer and Purchaser”)

SCHEDULE I — Information Relating to Pfizer and Purchaser

 

-2-


Item 4.

Terms of the Transaction.

Regulation M-A Item 1004

(a)     Material Terms. The information set forth in the Offer to Purchase is incorporated herein by reference.

 

Item 5.

Past Contacts, Transactions, Negotiations and Agreements.

Regulation M-A Item 1005

(a)     Transactions . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

(b)     Significant Corporate Events . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

THE TENDER OFFER —Section 11 (“The Merger Agreement”)

THE TENDER OFFER — Section 12 (“Purpose of the Offer; Plans for Array”)

 

Item 6.

Purposes of the Transaction and Plans or Proposals.

Regulation M-A Item 1006

(a)     Purposes . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

THE TENDER OFFER — Section 12 (“Purpose of the Offer; Plans for Array”)

(c) (1)-(7)     Plans . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 9 (“Source and Amount of Funds”)

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

THE TENDER OFFER — Section 11 (“The Merger Agreement”)

THE TENDER OFFER — Section 12 (“Purpose of the Offer; Plans for Array”)

THE TENDER OFFER — Section 13 (“Certain Effects of the Offer”)

THE TENDER OFFER — Section 14 (“Dividends and Distributions”)

 

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Item 7.

Source and Amount of Funds or Other Consideration.

Regulation M-A Item 1007

(a)     Source of Funds . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 9 (“Source and Amount of Funds”)

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

(b)     Conditions . The Offer is not subject to a financing condition.

(d)     Borrowed Funds . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 9 (“Source and Amount of Funds”)

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

THE TENDER OFFER — Section 11 (“The Merger Agreement”)

THE TENDER OFFER — Section 15 (“Conditions to the Offer”)

 

Item 8.

Interest in Securities of the Subject Company.

Regulation M-A Item 1008

(a)     Securities Ownership . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

THE TENDER OFFER — Section 8 (“Certain Information Concerning Pfizer and Purchaser”)

THE TENDER OFFER — Section 12 (“Purpose of the Offer; Plans for Array”)

SCHEDULE I — Information Relating to Pfizer and Purchaser

(b)     Securities Transactions . None.

 

Item 9.

Persons/Assets Retained, Employed, Compensated or Used.

Regulation M-A Item 1009

(a)     Solicitations or Recommendations . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 3 (“Procedures for Accepting the Offer and Tendering Shares”)

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

THE TENDER OFFER — Section 18 (“Fees and Expenses”)

 

-4-


Item 10.

Financial Statements.

Regulation M-A Item 1010

(a)     Financial Information . Not Applicable.

(b)     Pro Forma Information . Not Applicable.

 

Item 11.

Additional Information.

Regulation M-A Item 1011

(a)     Agreements , Regulatory Requirements and Legal Proceedings . The information set forth in the Offer to Purchase under the following captions is incorporated herein by reference:

SUMMARY TERM SHEET

THE TENDER OFFER — Section 10 (“Background of the Offer; Past Contacts or Negotiations with Array”)

THE TENDER OFFER — Section 11 (“The Merger Agreement”)

THE TENDER OFFER — Section 12 (“Purpose of the Offer; Plans for Array”)

THE TENDER OFFER — Section 13 (“Certain Effects of the Offer”)

THE TENDER OFFER — Section 16 (“Certain Legal Matters; Regulatory Approvals”)

(c)     Other Material Information . The information set forth in the Offer to Purchase and the Letter of Transmittal is incorporated herein by reference.

 

-5-


Item 12.

Exhibits.

Regulation M-A Item 1016

 

Exhibit

No.

  

Description

(a)(1)(A)

   Offer to Purchase, dated June 28, 2019.

(a)(1)(B)

   Letter of Transmittal.

(a)(1)(C)

   Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.

(a)(1)(D)

   Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.

(a)(1)(E)

   Summary Advertisement as published in The Wall Street Journal on June 28, 2019

(a)(1)(F)

   Press Release dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(G)

   Copy of Pfizer Presentation for Investor/Analyst Conference Call, dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(H)

   Social Media Posts from June 17, 2019 (incorporated by reference to Exhibit 99.2 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(I)

   Transcript of Pfizer Investor/Analyst Conference Call, dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 18, 2019).

(d)(1)

   Agreement and Plan of Merger among Array Biopharma Inc., Pfizer Inc., and Arlington Acquisition Sub Inc., dated June 14, 2019 (incorporated by reference to Exhibit 2.1 to the Form 8-K filed by Array BioPharma Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(d)(2)

   Confidential Disclosure Agreement dated March 21, 2019, as amended April 22, 2019, between Array BioPharma Inc. and Pfizer Inc.

(g)

   None.

(h)

   None.

 

Item 13.

Information Required by Schedule 13E-3.

Not applicable.

 

-6-


SIGNATURES

After due inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: June 28, 2019

 

ARLINGTON ACQUISITION SUB INC.
By:  

/s/ Margaret M. Madden

Name:   Margaret M. Madden
Title:   Director, Secretary and Vice President
PFIZER INC.
By:  

/s/ Margaret M. Madden

Name:   Margaret M. Madden
Title:   Senior Vice President, Chief Governance Counsel and Corporate Secretary

 

-7-


EXHIBIT INDEX

 

Exhibit No.

  

Description

(a)(1)(A)

   Offer to Purchase, dated June 28, 2019.

(a)(1)(B)

   Letter of Transmittal.

(a)(1)(C)

   Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.

(a)(1)(D)

   Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.

(a)(1)(E)

   Summary Advertisement as published in The Wall Street Journal on June 28, 2019.

(a)(1)(F)

   Press Release dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(G)

   Copy of Pfizer Presentation for Investor/Analyst Conference Call, dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(H)

   Social Media Posts from June 17, 2019 (incorporated by reference to Exhibit 99.2 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(a)(1)(I)

   Transcript of Pfizer Investor/Analyst Conference Call, dated June 17, 2019 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Pfizer Inc. with the U.S. Securities and Exchange Commission on June 18, 2019).

(d)(1)

   Agreement and Plan of Merger among Array Biopharma Inc., Pfizer Inc., and Arlington Acquisition Sub Inc., dated June 14, 2019 (incorporated by reference to Exhibit 2.1 to the Form 8-K filed by Array BioPharma Inc. with the U.S. Securities and Exchange Commission on June 17, 2019).

(d)(2)

   Confidential Disclosure Agreement dated March 21, 2019, as amended April 22, 2019, between Array BioPharma Inc. and Pfizer Inc.

(g)

   None.

(h)

   None.

 

-8-

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