Pfizer buy Array BioPharma for $11.4 billion
pharmafile | June 18, 2019 | News story | Manufacturing and Production |
Pfizer has said it will acquire Colorado-based cancer specialist Array BioPharma for $11.4 billion.
Pfizer has announced that it has entered into a definitive merger agreement under which it will acquire Array – a commercial stage biopharmaceutical company focused on the discovery, development and commercialisation of targeted small molecule medicines for cancer and other diseases with high unmet need.
The deal will see Pfizer gain the rights to Array’s approved Braftovi and Mektovi combination therapy for the treatment of melanoma. Pfizer however hope to combine the two drug combo with a third drug in order to treat colorectal cancer.
“Today’s announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients’ lives while creating shareholder value,” said Albert Bourla, chief executive officer of Pfizer.
“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.”
Array also has a number of targeted cancer medicines and in the pipeline as well as out-licensed potentially best-in-class and/or first-in-class medicines which are expected to generate significant royalties over time.
“We are incredibly proud that Pfizer has recognized the value Array has brought to patients and our remarkable legacy discovering and advancing molecules with great potential to impact and extend the lives of patients in critical need,” said Ron Squarer, Array chief executive officer.
“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.”
Louis Goss
