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Pfizer to acquire Array in $10.64bn deal

Pfizer to acquire Array in $10.64bn deal

Mubasher: Pfizer on Monday announced that it would buy Array Biopharma for $10.64 billion in an all-cash deal, giving the pharmaceutical major access to approved drugs for skin cancer and other cancer treatments in the pipeline, according to Reuters.

The offer of $48 per share represents a premium of nearly 62% to the closing price of Array stock on Friday.

The deal “sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers,” Pfizer’s CEO Albert Bourla was quoted by Reuters.

The US drug maker has been investing in cancer drugs and genetic treatments amid competition for its pain drug Lyrica.

It is worth noting that Array had its oral combination treatment for the deadliest form of skin cancer approved by the US Food and Drug Administration (FDA) last year.

The cancer drug developer was also testing its triple combo therapy for patients with metastatic colorectal cancer.

Pfizer expects the deal to be concluded in the second half of this year, while the transaction will boost earnings beginning 2022, and it will be dilutive to adjusted earnings per share (EPS) at a range from$ 0.4 to $0.5 this year and next.