Pfizer Inc on Monday struck a deal to buy Array Biopharma Inc for $10.64 billion...
- Pfizer Inc on Monday struck a deal to buy Array Biopharma Inc for $10.64 billion in cash to expand its portfolio of potentially lucrative cancer drugs.
Pfizer’s growth has slowed in recent years. Under new Chief Executive Officer Albert Bourla, Pfizer has been pushing its “15 in 5” plan to launch 15 experimental treatments, each with at least $1 billion annual sales potential, over a five-year period and has been investing in cancer drugs and gene therapies.
The deal is Pfizer’s biggest deal since its $14 billion deal to buy Medivation - also a cancer deal. It picked up prostate cancer drug Xtandi through that acquisition, which generated nearly $700 million in sales last year and is expected to top $1 billion in annual sales next year, according to analysts.
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