Pfizer has agreed to buy Array Biopharma in a $10.64 billion cash deal.
Although the company has generally eschewed major acquisitions in recent years, the company said that the purchase will help bolster its portfolio of oncology treatments. According to Reuters, Pfizer execs became interested in Array after studies showed that two of its drugs, Braftovi and Mektovi, reduced the risk of death for colorectal cancer patients by 48 percent (compared to traditional treatments) when taken with Eli Lilly and Co.’s Erbitux.
The Braftovi-Mektovi combo has already been approved to treat melanoma and raked in $72 million in sales after its first nine months on the market.
The Array buy marks the first major deal for Pfizer under its CEO, Albert Bourla, who took the helm in January. Pfizer plans to close the deal in the second half of this year.
Read the full Reuters report.
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