Pfizer said on Monday it would acquire Array Biopharma for $ 10.64 billion in cash to give it access to target-approved medicines for skin cancer and targeted cancer drugs
The $ 48 per share Array represents a premium of about 62% until the closing of shares on Friday. Array's shares rose 56% in light trade with a premium.
Pfizer invests in cancer drugs and gene therapies under the competition for the Lyrica blocker medication. treatment for use in patients with the most lethal form of skin cancer.
The company also tested its triple combination therapy in colorectal cancer patients.
"(This acquisition) sets the foundation for creating a potentially industry-leading colorectal cancer franchise along with Pfeiser's existing expertise in breast and prostate cancer," said Chief Executive Albert Burla
. The second half of 201
The deal is expected to add to its 2022 profit and will be reduced by adjusted earnings per share between 4 and 5 cents this year and 2020, Pfizer said.