, Columnist
Pfizer's $11 Billion Cancer-Drug Deal Takes Pricey Path to Growth
Its takeover of Array Biopharma brings promising treatments, but at a cost that makes the payoff less certain.
If the target is Array, Pfizer must overpay.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Pfizer Inc. is demonstrating once again how expensive it is for pharma firms to buy their way to growth.
The company announced Monday morning that it’s paying almost $11 billion for cancer drugmaker Array Biopharma Inc. The deal would bolster Pfizer’s cancer portfolio and add medicines that could meaningfully augment sales and profit. But the company isn’t getting much of a bargain, and its recent track record with a similar deal is a cautionary tale for investors.