Pfizer has signed an agreement to acquire commercial stage biopharmaceutical firm, Array BioPharma, for an enterprise value of around $11.4bn (£9.06bn).
Array BioPharma is involved in the discovery, development and commercialisation of targeted small molecule medicines for the treatment of cancer and other high-burden diseases.
The company sells Braftovi (encorafenib) capsules in combination with Mektovi (binimetinib) tablets to treat patients with unresectable or metastatic melanoma with a BRAFV600E or BRAFV600K mutation in the US and with partners in other major worldwide markets.
Its major clinical programmes, including encorafenib and binimetinib, are being assessed in more than 30 clinical trials across multiple tumour indications, comprising of a Phase 3 trial in BRAF-mutant metastatic colorectal cancer.
The pipeline is also comprised of various additional programmes being advanced by Array BioPharma or current license-holders.
The programmes currently in registration trials include selumetinib (partnered with AstraZeneca), LOXO-292 (partnered with Eli Lilly), ipatasertib (partnered with Genentech), tucatinib (partnered with Seattle Genetics) and ARRY-797.
Vitrakvi (larotrectinib, partnered with Bayer) secured approval in the US, and Ganovo (danoprevir, partnered with Roche) received approval in China.
Pfizer CEO Albert Bourla said: “Today’s announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients’ lives while creating shareholder value.
“The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers.”
Subject to customary closing conditions, the deal is expected to be completed in the second half of this year.
Once the deal concludes, the employees of Array BioPharma will join Pfizer and continue to be located in Cambridge of Massachusetts and Morrisville of North Carolina, as well as Boulder of Colorado. Furthermore, Array BioPharma will become part of Pfizer’s oncology research and development network.
Array CEO Ron Squarer said: “Pfizer shares our commitment to patients and a passion for advancing science to develop even more options for individuals with unmet needs. We’re excited our team will have access to world-class resources and a broader research platform to continue this critical work.”