Monday morning, Pfizer said it would spend 11.4 billion. Dollars in cash to buy Array BioPharma, a Boulder, Colo. -Based biotech, not only known for developing its own drugs, but as the best choice among biotechnology agencies to synthesize new drugs. Pfizer said it will keep Array open as a new research site for the company.
The agreement values Array of $ 48 in cash per. Share. Array stocks rose 60% to $ 47.40 in pre-trading; Pfizer shares fell 0.1% to $ 47.20.
Array sells a combination of two drugs, Braftovi and Mektovi, which were approved in June of June to treat metastatic melanoma. The drug could have a much greater potential, said Pfizer in colon cancer, where they are also being tested and where the proteins drug target is said to play a role. Pfizer's CEO, Albert Bourla, said in a press release that the acquisition "sets the stage for creating a potential industry-leading franchise for colorectal cancer along with Pfizer's existing breast and prostate cancer expertise."
But Array has also played a background role in inventing medicine, which is mainly considered to belong to other companies. The company's applications to the Securities and Exchange Commission list 1
"We are very excited about Array's impressive track record of successfully discovering and developing innovative small molecules and targeted cancer therapies," said Dr. Mikael Dolsten, Pfizer's chief scientist.
Targeted cancer media such as those developed by Array have been a major part of Pfizer's research over the past decade. Nine such drugs have reached the market since 2009, according to Bernard Munos, head of the pharma consulting firm InnoThink, including Xalkori, a groundbreaking lung cancer and Ibrance, the company's breast cancer drug that generated 4.1 billion. Dollars in turnover last year. Pfizer $ 14 billion Buying Medivation in 2016 also focused on this area and added prostate cancer medicine Xtandi, which generated DKK 699 million. USD in alliance revenue for Pfizer last year.
"We are incredibly proud that Pfizer has acknowledged the value Array has brought to patients and our remarkable heritage that discovers and promotes molecules with great potential to influence and extend patients' lives to a critical need," says Ron Squarer. Array's CEO, in the press release announcing the agreement.