Sun, 05 Feb 2023 Today's Paper

Pfizer acquires Array Biopharma, valued at US $ 11.4bn

By

18 June 2019 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

(New York) AFP: US pharmaceutical giant Pfizer yesterday announced the acquisition of Array BioPharma, a biotechnology firm that specialises in cancer drugs, the latest in a long list of biotech mergers in recent years.


In a statement, Pfizer said it offered US $ 48 per share in cash for Array, putting an US $ 11.4 billion value on the company.


“The board of directors of both companies have approved the merger,” Pfizer said.


The proposed acquisition “sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers,” Pfizer CEO Albert Bourla said.


Array’s portfolio includes two drugs, Braftovi (encorafenib) and Mektovi (binimetinib), that when combined are effective in treating BRAF-mutant melanoma.


The combination of the two drugs was authorised in September by the European Commission, several months after the US Federal Drug Administration gave its approval.


Besides melanomas, BRAF mutations occur in up to 15 percent of colorectal cancers, Pfizer said.


The transaction shows how big pharmaceutical companies are looking to biotech acquisitions for growth, often buying them for astronomical sums.


In early January, Bristol-Myers-Squibb acquired Celgene in a US $ 74 billion mega merger.


Last year, Sanofi scooped up Bioverativ, which specializes in hemophilia treatments, for US $ 11.6 billion and forked out US $ 3.9 billion euros from Ablynx of Belgium.Novartis for its part picked up AveXis, which specializes in rare genetic maladies, for US $ 8.7 billion.


Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Pain and punishment

Should we spare the rod and spoil the child? Does it really happen? Children

Health System in the emergency room

Sandya Kumari from Kotahena has been experiencing chest pains since 2015 and

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru