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Pfizer To Buy Array BioPharma For $48/Share

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Pfizer To Buy Array BioPharma For $48/Share

Array BioPharma (NASDAQ: ARRY) shares are trading sharply higher after the company announced it will be acquired by Pfizer (NYSE: PFE) for $48 per share in cash for a total value of around $11.4 billion.

Array’s portfolio of medicines includes cancer treatment for metastatic melanoma. In the U.S., colorectal cancer is the third most common type of cancer in men and women and an estimated 140,250 patients were diagnosed with cancer of the colon or rectum in 2018.

“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,” said Pfizer CEO Albert Bourla.

Array shares traded up 60% at $47.45 in Monday's pre-market session after clsoing Friday at $29.59 per share.

Pfizer, with a market cap of $238 billion, was nearly unchanged Monday morning after closing Friday at $42.76.

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Posted-In: Biotech M&A News Health Care Top Stories General Best of Benzinga

 

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