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Pfizer to buy cancer drug developer Array for $10.64 billion
https://www.reuters.com/article/us-array-biopharma-m-a-pfizer-idUSKCN1TI15T?utm_campaign=trueAnthem%3A+Trending+Content&utm_content=5d078209b1a3150001dd6a9f&utm_medium=trueAnthem&utm_source=twitter
(Reuters) - Pfizer Inc said on Monday it would acquire Array Biopharma Inc for $10.64 billion in cash, giving it access to the target’s approved drugs for skin cancer and the targeted cancer medicines in its pipeline.
The offer of $48 per Array share represents a premium of about 62% to the stock’s close on Friday. Array’s shares surged 56% in light premarket trade.
Pfizer has been investing in cancer drugs and gene therapies in the face of competition for its blockbuster pain drug Lyrica.
The U.S. Food and Drug Administration last year approved Array’s oral combination treatment for use in patients with the deadliest form of skin cancer.
The company is also testing its triple combo therapy in colorectal cancer patients.
“(The acquisition) sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers,” Chief Executive Officer Albert Bourla said.
</snip>
(Reuters) - Pfizer Inc said on Monday it would acquire Array Biopharma Inc for $10.64 billion in cash, giving it access to the target’s approved drugs for skin cancer and the targeted cancer medicines in its pipeline.
The offer of $48 per Array share represents a premium of about 62% to the stock’s close on Friday. Array’s shares surged 56% in light premarket trade.
Pfizer has been investing in cancer drugs and gene therapies in the face of competition for its blockbuster pain drug Lyrica.
The U.S. Food and Drug Administration last year approved Array’s oral combination treatment for use in patients with the deadliest form of skin cancer.
The company is also testing its triple combo therapy in colorectal cancer patients.
“(The acquisition) sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers,” Chief Executive Officer Albert Bourla said.
</snip>
Hmm. Why do I suspect that this is a bad thing for cancer drug research, and for the ultimate price of them.
