US pharmaceutical giant Pfizer announced the acquisition of Array BioPharma, a biotechnology firm that specializes in cancer drugs, the latest in a long list of biotech mergers in recent years. In a statement, Pfizer said it offered $48 per share in cash for Array, putting an $11.4 billion value on the company. "The board of directors of both companies have approved the merger," Pfizer said. The proposed acquisition "sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer's existing expertise in breast and prostate cancers," Pfizer CEO Albert Bourla said.
Array's portfolio includes two drugs, Braftovi (encorafenib) and Mektovi (binimetinib), that when combined are effective in treating BRAF-mutant melanoma. The combination of the two drugs was authorized in September by the European Commission, several months after the US Federal Drug Administration gave its approval.
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