Pfizer to buy cancer drug developer Array for $10.64 billion
The offer of $48 per Array share represents a premium of about 62% to the stock’s close on Friday. Array’s shares surged 56% in light premarket trade.
Pfizer has been investing in cancer drugs and gene therapies in the face of competition for its blockbuster pain drug Lyrica.
The U.S. Food and Drug Administration last year approved Array’s oral combination treatment for use in patients with the deadliest form of skin cancer.
The company is also testing its triple combo therapy in colorectal cancer patients.
“(The acquisition) sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers,” Chief Executive Officer Albert Bourla said.
Pfizer said it expects to complete the deal in the second half of 2019. ■