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Pfizer buys Array BioPharma for $11.4 billion

A scientist works in a cancer research lab.
An Array BioPharma research lab. Photo: Paul Aiken/Digital First Media/Boulder Daily Camera via Getty Images

Pfizer has agreed to buy Array BioPharma for $48 per share, or $11.4 billion after including Array's debt. Array had never traded above $30 per share before this acquisition.

The bottom line: This is another deep-pocketed move into cancer medicines from a Big Pharma company. Array already is selling 2 FDA-approved drugs for melanoma, and Pfizer is banking on Array's other in-progress therapies to treat patients with colon cancer.