Saturday, 17 August, 2019

Wachtell, Skadden Shape $11.4B Pfizer-Array Deal

The Pfizer logo appearing on a screen above its trading post on the floor of the New York Stock Exchange The Pfizer logo appearing on a screen above its trading post on the floor of the New York Stock Exchange
Anna Jefferson | 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, Pfizer said. 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.

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The 2020 Presidential Election is still well over a year away. "We are going to keep America great again", Trump told the crowd. On Monday night, hundreds of people began lining up outside the arena , which has a capacity of about 20,000.

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.

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