Pfizer Inc acquired Array BioPharma Inc for $48 per share in cash, valuing the company at about $11.4 billion, the pharmaceutical companies announced in a statement on Monday. The largest part of the transaction will be financed with debt and a part of it will be paid in existing cash.
Pfizer CEO Albert Bourla said: "The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers." Array focuses on small molecule medicines that target cancer and other diseases of high unmet need.
The transaction is expected to be finished by the second half of the year and all Array employees will start working at Pfizer.
Pfizer stock was 0.14% in premarket trade on Wall Street while Array stocks jumped 60.19% at 6:56 am ET.
