Pfizer Is Buying Cancer Treatment Company Array BioPharma
NEW YORK (CBSDFW.COM/AP) — It's a deal worth more than $10 billion. Pfizer is buying the cancer treatment company Array BioPharma.
Array has a combination therapy for BRAF-mutant metastatic melanoma, along with a pipeline of targeted cancer medicines in development and a portfolio of other medicines that are expected to generate significant royalties over time.
It announced significant advancement in the treatment of colorectal cancer last month.
Array's employees will remain in their current locations, which include Massachusetts, North Carolina, Colorado, California and New York.
Pfizer Inc. will pay $48 per share and expects the deal to complete the deal later this year.
Shares of Array BioPharma Inc. surged 60 percent before the opening bell Monday.
(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)
