Pfizer and Array Bio Pharma announced that they have entered into a definitive merger agreement. Under this agreement, the pharmaceuticals group will acquire Array for a total enterprise value of approximately $ 11.4 billion.
New York/USA — Pfizer is further strengthening its biopharmaceutical portfolio. In addition to the combination therapy for Braf-mutant metastatic melanoma, the proposed business acquisition of Array, expands the company’s pipeline with multiple high-potential targeted investigational cancer therapies and adds a large portfolio of royalty-generating out-licensed medicines.
Array is a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need. The company's portfolio includes the approved combined use of Braftovi (encorafenib) and Mektovi (binimetinib) for the treatment of Braf V600E or Braf V600K mutant unresectable or metastatic melanoma. The combination therapy has significant potential for long-term growth via expansion into additional areas of unmet need and is currently being investigated in over 30 clinical trials across several solid tumor indications, including the Phase 3 Beacon trial in BRAF-mutant metastatic colorectal cancer (mCRC).
In May 2019, Array announced results from the interim analysis of the Phase 3 Beacon mCRC trial: The second-or-third-line treatment with the Braftovi triplet combination (Braftovi + Mektovi + cetuximab) showed statistically significant improvement in overall response rate and overall survival compared to the control group, reducing the risk of death by 48 %. The triplet combination could be the first chemotherapy-free, targeted regimen for patients with Braf-mutant mCRC. The company intends to submit these data for regulatory review in the United States in the second half of 2019.
Upon the close of the transaction, Array’s employees will join Pfizer and continue to be located in Cambridge, Massachusetts and Morrisville, North Carolina, as well as Boulder, Colorado, which becomes part of Pfizer’s Oncology Research & Development network in addition to La Jolla, California and Pearl River, New York.
Under the terms of the merger agreement, a subsidiary of Pfizer will commence a cash tender offer to purchase all outstanding shares of Array common stock for $ 48 per share in cash for a total enterprise value of approximately $ 11.4 billion..