Pfizer Inc. (NYSE: PFE) is to acquire Array BioPharma Inc. (NASDAQ: ARRY), a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need.
Pfizer has agreed to acquire Array for $48 per share in cash, for a total enterprise value of approximately $11.4 billion.
The Boards of Directors of both companies have approved the merger.
Led by Ron Squarer, chief executive officer, Array BioPharma is a fully integrated biopharmaceutical company focused on the discovery, development and commercialization of transformative and well-tolerated targeted small molecule drugs to treat patients afflicted with cancer and other high-burden diseases. The company markets BRAFTOVI® (encorafenib) capsules in combination with MEKTOVI® (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAFV600E or BRAFV600Kmutation in the United States and with partners in other major worldwide markets.
Array’s lead clinical programs, encorafenib and binimetinib, are being investigated in over 30 clinical trials across a number of solid tumor indications, including a Phase 3 trial in BRAF-mutant metastatic colorectal cancer.
The company’s pipeline includes several additional programs being advanced by Array or current license-holders, including the following programs currently in registration trials:
– selumetinib (partnered with AstraZeneca),
– LOXO-292 (partnered with Eli Lilly),
– ipatasertib (partnered with Genentech),
– tucatinib (partnered with Seattle Genetics) and
Vitrakvi® (larotrectinib, partnered with Bayer AG) is approved in the United States and Ganovo® (danoprevir, partnered with Roche) is approved in China.
Upon the close of the transaction, Array’s employees will join Pfizer and continue to be located in Cambridge, Massachusetts and Morrisville, North Carolina, as well as Boulder, Colorado, which becomes part of Pfizer’s Oncology Research & Development network in addition to La Jolla, California and Pearl River, New York.