Pfizer said Monday morning that it will spend $11.4 billion in cash to purchase Array BioPharma, a Boulder, Colo.-based biotech known not only for developing its own medicines but as being a top choice among biotechnology firms that need to synthesize new drugs. Pfizer said it will keep Array open as a new research site for the company.
The deal values Array at $48 in cash per share. Array shares rose 60% to $47.40 in pre-market trading; Pfizer shares dipped 0.1% to $47.20.
Array sells a combination of two drugs, Braftovi and Mektovi, that were approved last June to treat metastatic melanoma. The medicines could have a much greater potential, Pfizer said, in colon cancer, where they are also being tested, and where the proteins the drugs target are thought to play a role. Pfizer’s chief executive, Albert Bourla, said in a press release that the acquisition “sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers.”
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“Pfizer said it will keep Array open as a new research site for the company.” Sorry folks, there is no way Pfizer will leave the Boulder site open for R&D. Array has no unique Boulder based discovery platform that cannot be reabsorbed into the Pfizer mothership. Watch for head count reductions in the next 3 years.
This article or report shows the magnitude . effects , ability and means as to how these pharmaceutical empires are able to purchase and or merger with other such institutions . There it was only about four years ago .this same giant known as Pfizer .founded in the City of New York for nearly one hundred years , and at times depending on the new drug or drugs created by them along with Wall street .ratings this one is rated as the number one empire most frequently and steadfastly . Pfizer had proposed the merger or even more correct the purchase of a much smaller drug company in The nation of Sweden for one hundred eight billion dollars in the year of 2016 . Unfortunately due to some form of regulatory predicate of legal statute of financial metrics .the merger was cancelled . It is such a immense issue or subject matter to deal .address or just focus on .meaning the health care issue or subject in this nation .the U.S.A . speaking or writing for myself .why ? simply because of the intricacies of health here and the results are so negative and disasterous to the core . Once again i could not even believe it when i first read a comprehensive and broad vollumme report by the New York Times years ago as to the amount of funds spent each year on health care ,yet still in Bold letters this the Times echoed that all these years with the spending of the vast sum of funds our health care system is the worst in the entire world . From there on i have read so many many other publications that report the same song or songs , institutions such as The Lancelot . New England Journal of Medicine , and Plos . The Libray of Science . .more to come Trevor Merchant . Monday . June . 17. 2019 .New York City . 4. 41 p.m daylight savings time .