Unic Press UK: Pfizer Inc., a global leader in the pharmaceutical products is to acquire Array BioPharma Inc. for a total enterprise value of approximately $11.4 billion (£9.05 billion) following a decision of the Board of Directors of both companies that Pfizer should acquire Array for $48 per share in cash.
In a press release today, Pfizer described Array as “a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need.” Pfizer further said that the acquisition of Array would strengthen its business, improve its growth trajectory and enhance its existing expertise in breast and prostate cancers.
“Under the terms of the merger agreement, a subsidiary of Pfizer will commence a cash tender offer to purchase all outstanding shares of Array common stock for $48 per share in cash for a total enterprise value of approximately $11.4 billion. The closing of the tender offer is subject to customary closing conditions, including regulatory approvals and the tender of a majority of the outstanding shares of Array common stock (on a fully-diluted basis). The merger agreement contemplates that Pfizer will acquire any shares of Array that are not tendered into the offer through a second-step merger, which will be completed promptly following the closing of the tender offer. Pfizer expects to complete the acquisition in the second half of 2019. With Array’s exceptional scientific talent and innovative pipeline, combined with Pfizer’s leading research and development capabilities, we reinforce our commitment to advancing the most promising science, regardless of whether it is found inside or outside of our labs,” Pfizer’s press release reads.