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.

Go deeper

35 mins ago - Health

The pandemic hasn't hampered the health care industry

Illustration: Rebecca Zisser/Axios

The economy has been tanking. Coronavirus infections and deaths have been rising. And the health care industry is as rich as ever.

The big picture: Second-quarter results are still pouring in, but so far, a vast majority of health care companies are reporting profits that many people assumed would not have been possible as the pandemic raged on.

Column / Harder Line

How climate and business woes are sinking a natural-gas project

Illustration: Annelise Capossela/Axios

The Trump administration recently touted its approval of America’s first terminal on the West Coast to export liquefied natural gas. There’s just one problem: it probably won’t be built.

Why it matters: The project in southern Oregon faces political and business hurdles serious enough that those who are following it say it will be shelved. Its problems embody the struggles facing a once-promising sector that's now struggling under the weight of the pandemic and more.

Updated 1 hour ago - Science

Isaias strengthens as it crawls toward the Carolinas

A wave crashes ashore as Tropical Storm Isaias passes through Jetty Park in Fort Pierce, Florida, on Sunday. Photo: Joe Raedle/Getty Images

Tropical Storm Isaias is expected to reach the Carolinas late Monday at "near hurricane strength," the National Hurricane Center (NHC) said.

The latest: Isaias was 65 miles northeast of Cape Canaveral with winds increasing to 70 mph, the NHC said in a 2 a.m. update. Storm surge warnings and hurricane watches were in effect for North and South Carolina and Rhode Island. Tropical storm watches were in effect for Florida, Long Island and Delaware.