Pfizer to buy Array BioPharma in $11.4 billion deal
The largest US drugmaker acquires the cancer drugmaker in one of the biggest healthcare deals of the year.
Pfizer has purchased Array BioPharma in a deal worth $11.4 billion that will be financed by cash and debt. Array BioPharma’s share price soared 56% after the acquisition.
Pfizer’s Array BioPharma acquisition details
Pfizer is the largest drugmaker in the US and Array BioPharma is a biopharmaceutical startup that is developing cancer treatments that target mutations found in a wide variety of tumors. Pfizer bought Array BioPharma to expand its cancer drug portfolio.
Two of Array BioPharma’s medications, Braftovi and Mektovi, have been approved by the US Food and Drug Administration (FDA) to treat late-stage melanoma. Pfizer will get royalties from future Braftovi and Mektovi revenue as part of the deal.
Pfizer and Array BioPharma comment on acquisition
Pfizer chief executive officer (CEO), Albert Bourla, explained the benefits of the acquisition of Array BioPharma.
‘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 Bourla in a statement.
‘[The deal] reinforces our commitment to deploy our capital to bring breakthroughs that change patients' lives,’ added Bourla.
Ron Squarer, Array’s chief executive officer (CEO), also touted the deal with Pfizer.
‘We are incredibly proud that Pfizer has recognised 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 Squarer.
The Pfizer acquisition of Array BioPharma is expected to be completed in late 2019.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Act on share opportunities today
Go long or short on thousands of international stocks with spread bets and CFDs.
- Get full exposure for a comparatively small deposit
- Trade on spreads from just 0.1%
- Get greater order book visibility with direct market access
See opportunity on a stock?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Take your position
- See whether your hunch pays off
See opportunity on a stock?
Don’t miss your chance – upgrade to a live account to take advantage.
- Trade a huge range of popular stocks
- Analyse and deal seamlessly on fast, intuitive charts
- See and react to breaking news in-platform
See opportunity on a stock?
Don’t miss your chance. Log in to take advantage while conditions prevail.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
