Seducing Pfizer: How Array’s team patiently worked up the ladder to win an $11.4B bid from Albert Bourla
Array BioPharma CEO Ron Squarer and his top team spent well over 2 years scouting for someone to buy the company. And at the end of that lengthy search process a few days ago, the CEO placed the company in Pfizer’s hands for $11.4 billion and will now walk away from his sales effort with a fortune worth $124.7 million for stock and $85.2 million to cover the golden parachute.
But it wasn’t easy.
It started on January 23, 2017, according to a new SEC filing, when the company brought in Centerview Partners to begin the money hunt. They soon reached out to 4 likely buyers, including Pfizer, but never got anything started.
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