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.