News Contact Us

Pharma giant Pfizer to acquire Array BioPharma valued at $11.4 billion

Author : Pankaj Singh | Published Date : 2019-06-19 

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


About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

Facebook to roll out officially licensed music videos on its platform

Published Date: 2020-07-16         Author: Pankaj Singh

California-based social media giant Facebook has reportedly announced its plans to officially launch licensed music videos on its social networking platform in the U.S. The social media major has already told Page owners, who are connected to artists, that they will have to toggle on a new setting t... Read More

Google to invest $10bn in India to drive digital transformation

Published Date: 2020-07-15         Author: Pankaj Singh

Speaking at the annual Google India online event, CEO Sunder Pichai has announced that Google will invest $10 billion in India over the next five to seven years through the ‘Google for India Digitization fund’. According to sources familiar with the knowledge of the matter, the funds ... Read More

Sir Richard Branson to contribute £200M to stabilize Virgin Atlantic

Published Date: 2020-07-14         Author: Pankaj Singh

British business magnate Sir Richard Branson had reportedly announced that he intends to contribute a sum of £200 million as part of the £1 billion plan to stabilize Virgin Atlantic without taxpayers’ money. Sources state that he will use the funds raised by selling a £396 mi... Read More

© 2020 Fractovia. All Rights Reserved