Pfizer and Array BioPharma Inc. have entered into a definitive merger agreement under which Pfizer will acquire Array, a commercial stage biopharma company focused on targeted small molecules to treat cancer and other diseases, in a transaction valued at approximately $11.4 billion.
 
Array’s portfolio includes the approved combined use of BRAFTOVI (encorafenib) and MEKTOVI (binimetinib) for the treatment of BRAF 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 more than 30 clinical trials across several solid tumor indications, including the Phase III trial in BRAF-mutant metastatic colorectal cancer (mCRC). Recent interim analysis showed statistically significant improvement in overall response.
 
Array also brings a broad pipeline of targeted cancer medicines in development, as well as a portfolio of out-licensed potentially best-in-class and/or first-in-class medicines, which are expected to generate significant royalties over time.
 
“Today’s announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients’ lives while creating shareholder value,” said Albert Bourla, chief executive officer of Pfizer. “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.” 
 
“We are incredibly proud that Pfizer has recognized the value Array has brought to patients and our remarkable legacy discovering and advancing molecules with great potential to impact and extend the lives of patients in critical need,” said Ron Squarer, Array chief executive officer. “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.”

Upon closing, Array’s employees will join Pfizer and continue to be located in Cambridge, MA and Morrisville, NC, as well as Boulder, CO, which becomes part of Pfizer’s Oncology R&D network in addition to La Jolla, CA and Pearl River, NY. Pfizer expects to complete the acquisition in 2H19.