Pfizer Inc., the New York-based pharmaceutical multinational, has reportedly announced that it will acquire Array BioPharma Inc., a commercial stage company focused on the discovery, development and commercialization of small molecule medicines to treat cancer and other crucial diseases.
As per trusted sources, Pfizer is paying $48 per share in cash to Array and the total valuation of the deal is estimated at $11.4 billion.
Albert Bourla, CEO, Pfizer was reportedly quoted stating that the merger reinforces the company’s commitment to change the lives of the patients while creating strong shareholder value. The acquisition of Array BioPharma strengthens Pfizer’s biopharmaceutical business and will also enhance the long-term goals of the company while creating an industry leading firm for colorectal cancer along with focusing on the current expertise in prostate and breast cancer, he further added.
For the record, Array’s portfolio includes the approved combined use of MEKTOVI (binimetinib) and BRAFTOVI (encorafenib) for the treatment of BRAF V600E or BRAF V600K mutant unresectable or metastatic melanoma. The combination of these drugs has a significant potential for long term expansion into areas of undiscovered treatment for crucial diseases. These are being investigated in over 30 clinical laboratories across solid tumor indications which include the Phase 3 BEACON trial in BRAF mutant metastatic colorectal cancer (MCRC).
In 2018, 140,250 patients were diagnosed with colon or rectum cancer in the U.S., making it the third most common type of cancer in the country. BRAF mutations apparently occur in more than 15% of colorectal cancer and approximately 50,000 of the diagnosed patients die every year.
Ron Squarer, CEO, Array, reportedly stated that the merger of the companies will bring about great discoveries in the biopharma field and extend the lives of the patients. Array will gain access to a broader research platform and world-class resources by way of its merger with Pfizer which would help the company to continue developing even more options for individuals with unmet needs, Squarer added.
Reportedly, Pfizer is expected to complete the deal in the second half of 2019.
Sources: https://www.pfizer.com/news/press-release/press-release-detail/pfizer_to_acquire_array_biopharma