The Pfizer logo appearing on a screen above its trading post on the floor of the New York Stock Exchange
19 June, 2019, 20:10
A subsidiary of Pfizer will commence a cash tender offer to purchase all outstanding shares of Array common stock for $48 per share cash. A Pfizer sign hangs on the outside of their headquarters in New York City.
Pfizer is paying $48 per share for Array, which closed 57% higher.
Shares in cancer drug developer Array Biopharma rocketed on Monday after it agreed to be bought by Pfizer in a deal worth $11.4bn.
The company now markets two products, Braftovi (encorafenib) and Mektovi (binimetinib), given as a combination therapy for BRAF V600E- or BRAF V600K-mutant unresectable or metastatic melanoma.
Besides melanomas, BRAF mutations occur in up to 15 percent of colorectal cancers, Pfizersaid. It will acquire a pipeline of drugs in development, as well as future revenue from Braftovi and Mektovi in some other malignancies, such as colon cancer.
Ron Squarer, Array's CEO said, "we are incredibly proud that Pfizer recognized the value that Array brought to patients and the legacy of discovering and advancing molecules with great potential to extend the lives of patients in critical need". Finally, Piper Jaffray Companies increased their price target on shares of Array Biopharma from $28.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 21st. The transaction is expected to be dilutive to Pfizer's earnings per share (EPS) by $0.04 to $0.05 in 2019, $0.04 to $0.05 in 2020, neutral in 2021, and accretive beginning in 2022, with additional accretion and growth anticipated thereafter.
Shikhar Dhawan Ruled Out of World Cup with Thumb Injury The team management was of the opinion that Dhawan would recover before India's last two league matches and the knockout matches. Apart from his current form, Dhawan has a stellar record in ICC tournaments, which is why his absence might hurt India .
Kate Middleton Wears White Catherine Walker Coat Dress Kate Middleton wore an icy-blue Elie Saab dress and a hat pinned with a blue rose (very much color-coordinating with the queen ). The Duke and Duchess of Sussex were absent, presumably spending time with their young son, Archie Mountbatten-Windsor.
The company has been saying for more than a year that it would eschew transformative deals.
"From an overall capital allocation perspective, our priorities don't change, " Pfizer chief financial officer Frank D'Amelio said on a conference call Monday.
The largest USA drugmaker is paying a 62% premium on Array Biopharm to access the small biotech's approved treatments for skin cancer, along with its other experimental drugs, CNBC reports. Novartis's Tafinlar is used in combination with another drug Mekinist, and the combination is expected to bring in $1.24 billion this year, according to analysts.
Shares of Pfizer were last seen down almost 1% at $42.42, with a 52-week range of $35.73 to $46.47.
Array is essentially a start-up, with revenue of $174 million in its most recent fiscal year and a history of net losses. Pfizer expects to fund the deal, which is expected to close in the second half of the year, mostly with debt and the balance with cash.
It automatically modulates the throttle and brakes on five driver-selectable low-speed settings, so drivers can focus on steering. The latter allows you to choose from multiple surfaces such as loose rocks, mud and sand and more to optimise drivability.
Gaskell stated the departing airplane from EuroAirport to Pristina used to be delayed by one hour as a outcome of the incident. At least one unlucky flight attendant happened to be on her feet rather than buckled in at the time the turbulence struck.
THE Duchess of Cambridge was among the crown jewels at Garter Day yesterday as she and European royals stepped out in style. The Prince of Wales, The Duke of Cambridge, The Duke of York & Earl of Wessex are all Knights of the Garter.
The University of Auckland remained the highest-ranked New Zealand institution, though it dropped from 85th place to 88th. In total, it placed 37 universities from eight countries in the Arab region in the top 1,000 institutions globally.
A lack of clarity over their Brexit position has been cited by figures within the party as the reason behind the poor performance. Speaking to the Times , they said: "It is a question of getting on the front foot now or having it forced upon us at conference".
A Youtuber named InternoPlus created a browser-based Super Mario Bros-themed Battle Royale gamed he named Mario Royale . More than once, I'd died to a Piranha Plant because I thought another sprite that'd safely leaped over it was me.
Bautista: "We sincerely thank our PAL passengers for their votes and positive evaluation of PAL's products and services". All entries are screened to identify each IP / user information, with duplicate or ineligible entries deleted.
The possum the spider has chosen as its meal is called a pygmy possum and is very small compared to other species. Latton's husband captured the photo while at a lodge in the Mount Field National Park, northwest of Hobart.
Presently, the only non-gaming flagship Android smartphone to offer a 90 Hz refresh rate display is the OnePlus 7 Pro . While these are just the initial leaks, we still have a whopping five months to go for the Huawei Mate 30 Pro launch.
The Dutch-led group of worldwide investigators who formed to examine the 2014 MH17 downing have named four suspects. They said their next step would be to identify individual culprits and to attempt to put them on trial.
The furry creature was released to a nearby wooden area on the advice of state conservation officials, Young said. Officers found meth, drug paraphernalia, body armour and ammunition inside the home, as well as the squirrel.
'Life-changing' surgery gives Murray cause for optimism
Although it's different to what I am used to, I'm fine with that, it's not a big deal. "I'm fine with that, it's not a big deal". But after a career as successful as Murray's, fans will just be hoping to support him one last time, no matter what happens.
Chennai water crisis hits construction sector
Stalin on June 14 asked for Velumani's resignation and urged Palaniswami to dismiss him from the cabinet if he did not quit. The shortfall in supply delays construction timelines and the handing over of the properties, he said.
Firefox needs an urgent firefix!
The Mozilla team patched the vulnerability , bringing its browser, Firefox, to version 67.0.3. Mozilla is aware of targeted attacks that exploit the issue but did not provide specifics.
Kyrgios backs Barty to 'pile up' Grand Slam wins
Guys like that, they drive me insane. [Verdasco] doesn't say hello, he thinks he's so good, he thinks he's God's gift. But I don't know if my body... if I happen to go deep at Wimbledon it's too tough to play doubles as well'.
Attorney: Deputy considering lawsuit against Raptors' Ujiri
The deputy, who has not been identified, is a 20-year veteran of the Alameda County Sheriff's Office, his attorney said. He said at that point, National Basketball Association security intervened and Ujiri was able to get onto the court.