Pfizer to buy Array Biopharma for $48 a share in cash
for $10.64 billion in cash, giving it access to the target's approved drugs for skin cancer and the targeted cancer medicines in its pipeline.
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." 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.
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