Pfizer to Acquire Array BioPharma for $11.4 Billion to Strengthen Oncology Portfolio

Editor’s Note: This article is reprinted from PharmCube.

On June 17, Pfizer and Array BioPharma jointly announced that they had reached a final agreement under which Pfizer would acquire Array in an all-cash transaction at $48 per share, with a total deal value of approximately $11.4 billion. The transaction has been approved by the boards of directors of both companies.

Array was founded in February 1998. Its primary marketed product is the combination therapy Braftovi (encorafenib) + Mektovi (binimetinib), which received FDA approval on June 28, 2018, for the treatment of unresectable or metastatic melanoma with BRAF V600E or BRAF V600K mutations. Encorafenib is an oral small-molecule BRAF kinase inhibitor, while binimetinib is an oral small-molecule MEK inhibitor that targets key enzymes in the MAPK signaling pathway (RAS-RAF-MEK-ERK).

This combination therapy also holds significant development potential, with opportunities to expand into other unmet medical needs. Currently, more than 30 clinical trials are underway across multiple solid tumor indications, including the Phase III BEACON trial for BRAF-mutant metastatic colorectal cancer (mCRC). In addition, Array’s pipeline includes numerous late-stage potential targeted therapies.

Source: PharmaCube NextPharma

Pfizer CEO Albert Bourla stated, “The acquisition of Array strengthens Pfizer’s innovative biopharmaceutical business and, in particular, supports Pfizer’s accelerated growth over the long term.”

Following the completion of the transaction, Array employees will join Pfizer. Pfizer expects to finance the deal with debt and most of its cash, and will provide detailed disclosures in its Q3 2019 report.