Pfizer (PFE) is a leading global provider of anti-infective medicines, offering patients access to a diverse portfolio of more than 80 products.
This week, Pfizer Inc announced to acquire Array BioPharma Inc in a definitive merger agreement. Array BioPharma Inc, a biopharmaceutical company working on the research, development of small molecule medicines to treat cancer and other diseases.
“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.” stated Albert Bourla, chief executive officer of Pfizer as per reports.
Array’s approved drug BRAFTOVI® (encorafenib) and MEKTOVI® (binimetinib) for the treatment of mutant unresectable or metastatic melanoma used in combination has huge potential for growth and expansion and is undergoing trials at laboratories. Additionally, Array’s notable contribution to targeted cancer medicines, best in class is anticipated to generate significant royalties in the future. In May 2019 Array informed the results of Phase 3 BEACON mCRC trial, where triplet combination of (BRAFTOVI + MEKTOVI + cetuximab) showed significant improvement and response rate, reducing the risk of death by 48% in patients and could be the first chemotherapy-free for patients with BRAF-mutant mCRC.
“Pfizer shares our commitment to patients and a passion for advancing science to develop even more options for individuals with unmet needs. We’re excited our team will have access to world-class resources and a broader research platform to continue this critical work.” stated Ron Squarer, Array chief executive officer as per reports.
In accordance with the terms of the agreement, Pfizer to buy all outstanding shares of Array under a cash tender by a subsidiary for $48 per share in cash summing up to an enterprise value of $11.4 billion approximately. The deal is expected to close in the second half of this year. Guggenheim Securities, LLC, and Morgan Stanley & Co. LLC to serve as financial advisors for Pfizer and Centerview to represent Array as its financial advisor for the transaction.
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