Pfizer CEO Albert Bourla is back in the M&A game, but why is he paying $11.4B for Array?
Pfizer $PFE has cut short its time on the sidelines of biopharma M&A.
Monday morning the pharma giant unveiled an $11.4 billion deal to acquire Array BioPharma, beefing up its oncology work and adding a new research hub in Boulder, Colorado to its global operations.
At $48 a share, Array $ARRY investors will be getting a 62% premium off the Friday close of $29.59.
Pfizer, which has struggled to gain all the upside promised in past buyouts like Medivation, highlighted the acquisition of 2 approved drugs in the deal — Braftovi (encorafenib) and Mektovi (binimetinib).
Keep reading Endpoints with a free subscription
Unlock this story instantly and join 86,400+ biopharma pros reading Endpoints daily — and it's free.