Deals
Pfizer Expands in Cancer With $10.6 Billion Deal for Array
- Array shares soar 58% in early trading; were already at high
- New drug targets genetic mutation found across many cancers
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Pfizer Inc. will buy Array BioPharma Inc. for $10.6 billion to gain its promising new medicines for cancer, which could end or limit the use of punishing chemotherapy for some patients.
The agreed price of $48 in cash is 62% above Array’s close last Friday -- already a record high. The company’s shares have soared thanks to drugs that target a mutation that’s found across a wide variety of tumor types, and could be used in treating a broad set of cancers in patients who carry the mutation. Array’s drugs, Braftovi and Mektovi, are already approved in the U.S. for use in advanced melanoma.