|Bid||42.96 x 3000|
|Ask||43.11 x 800|
|Day's range||42.85 - 42.99|
|52-week range||35.87 - 46.47|
|Beta (3Y monthly)||0.43|
|PE ratio (TTM)||22.06|
|Earnings date||29 Jul 2019 - 2 Aug 2019|
|Forward dividend & yield||1.44 (3.47%)|
|1y target est||45.57|
The pharmaceutical company Pfizer said it would buy Array BioPharma, a maker of cancer drugs, for $48 a share in cash.
S&P Ratings has put Pfizer on watch for a downgrade after the pharma giant said it plans to acquire a cancer-drug maker.
Today, Pfizer (PFE) announced its acquisition of Array BioPharma (ARRY). Pfizer will acquire Array BioPharma for $48 per share, which is a premium of roughly 62% over the stock’s June 14 closing price. The deal values Array Pharmaceuticals at an enterprise value of ~$11.4 billion.
NEW YORK, June 17, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Array BioPharma Inc. (“Array.
WILMINGTON, Del., June 17, 2019 -- Rigrodsky & Long, P.A.: Do you own shares of Array BioPharma Inc. (NASDAQ GM: ARRY)? Did you purchase any of your shares prior to June.
News on two major mergers in their respective industries are taking headlines, along with a fresh regional economic read.
Pfizer executives said the company began actively pursuing Array last month after it released positive clinical data showing that Braftovi and Mektovi in combination with Eli Lilly and Co's Erbitux helped reduce the risk of death from colorectal cancer by 48% compared to the standard of care in patients with a gene mutation known as BRAF V600E. The data "is really a landmark publication in one of the most dismal tumors," Pfizer research chief Mikael Dolsten said in a phone interview. "There will be ample opportunities to do combinations and build a whole science platform around colorectal cancer," said Dolsten, adding that he believes the Array drugs could eventually tackle colon cancer earlier in the disease process.
Pfizer is delving deeper into cancer research with a roughly $11.4 billion deal for Array BioPharma, a drug developer that has seen its shares soar since announcing positive clinical trial results earlier this spring. Pfizer said Monday it will pay $48 per share in cash for Array, whose product portfolio includes a treatment combination used for advanced skin cancer that is being tested in other cancers as well. The company said last month that its combination of the drugs Braftovi and Mektovi along with another treatment led to a significant improvement in overall survival in late-stage testing for some patients with colorectal cancer.
Pfizer Inc. (PFE) and Array BioPharma Inc. (ARRY) today announced that they have entered into a definitive merger agreement under which Pfizer will acquire Array, 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 has agreed to acquire Array for $48 per share in cash, for a total enterprise value of approximately $11.4 billion.
The Dow lost 3 points, a negligible movement, by 9:51 AM ET (13:51 GMT), while the S&P; 500 rose 4 points or 0.2% and tech-heavy Nasdaq composite surged 47 points or 0.6%, reversing some of last week's underperformance.
Pfizer has agreed to pay $11.4bn for Array BioPharma, the latest move in an arms race between large pharmaceutical groups to assemble potentially blockbuster cancer treatments. Array makes the medications Braftovi and Mektovi that, when combined, treat metastatic melanoma, a deadly form of skin cancer. The combination therapy is also the subject of more than 30 clinical trials that could expand its use to other forms of cancer.
Analysts say that the event will be vital for the pharmaceutical company as it seeks to show investors it can build on a strong run in recent years.
Pfizer's (PFE) study on JAK inhibitor Xeljanz XR demonstrates the efficacy of the medicine when used as a monotherapy without methotrexate.
Galapagos (GLPG) closes enrollment in the phase II study on GLPG1972/S201086 for the treatment of patients with osteoarthritis prior to the stipulated date.