LONDON (ShareCast) - (Sharecast News) - Shares in cancer drug developer Array Biopharma rocketed on Monday after it agreed to be bought by Pfizer in a deal worth $11.4bn.
Under the terms of the deal, Pfizer will pay $48 per share in cash for each Array share, which is a premium of around 62% to the stock's closing price on Friday.

Pfizer's chief executive Albert Bourla said: "Today's announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients' lives while creating shareholder value.

"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."

The deal, which is due to complete in the second half of this year, is expected to be accretive to Pfizer's earnings from 2022.

Array's chief executive Ron Squarer said: "We are incredibly proud that Pfizer has recognised 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.

"Pfizer shares our commitment to patients and a passion for advancing science to develop even more options for individuals with unmet needs."

Array is a fully integrated biopharmaceutical company focused on the discovery, development and commercialisation of transformative and well-tolerated targeted small molecule drugs to treat patients afflicted with cancer and other high-burden diseases.

At 1300 BST, Array shares were up 60% in pre-market trade to $47.40.

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