Not likely much but Ron certainly likes attending meetings which do nothing to help the share price. There was a decent Motley Fool article key point I will post here. Arry has several shots at goal but NONE are going to the fda in 2014, SOOO this is at best a 2015 story. From Motley:
Additionally this methodology has lead to 15 products in the pipeline staggered across the clinical development cycle. Its phase 1 and 2 trials are targeting against an array of different pathways implicated predominantly in cancer, but they also have drugs in trial for asthma, cardiomyopathy, and hepatitis C. Their cancer therapeutics target a wide range of diseases, and cancer drugs have been significant money makers across the industry, with 5 out of the top 15 drugs of 2013 treating cancer. Array's two phase 3 drugs selumetinib and binimetinib are both MEK inhibitors and target lung cancer and melanoma respectively, and with potential broader applications. The market for MEK inhibitors is large as these cancers are common, and there is only one approved MEK inhibitor on the market, GlaxoSmithKlein's trametinib for melanoma approved earlier this year. The market is expected to be competitive, however, as there are several other drugs under investigation by other companies.
In case it wasn't clear, pharmaceutical development is inherently risky, and thus the old mantra of diversification is especially true in the biotech industry. From the perspective of a small biotech company, this means it must develop alliances with a range of big pharma companies with different corporate strategies. The pharmaceutical industry is currently rife with mergers and swaps, and you have to just hope that the company funding your development doesn't decide to stop focusing on your disease class, or acquires a competing asset from another big pharma company.
With these considerations in mind, Array is in remarkably good shape. Its clinical stage products are variously optioned by 11 different pharmaceutical companies, significantly reducing the chances the the constantly shifting strategies will leave them in the dust.
Having your cake and eating it too
So what happens when one of your partners decides not to exercise their option to license your drug? Well that depends on your contract with them. Typically these contracts cover a portion of the development costs as well as lump sum payments when certain clinical milestones are met. But the sad fact is that these drugs often don't get optioned, and you're left scrambling to either find a new partner or cut costs.
Array has certainly had its share of tragedy and shares have been steadily declining since a deal with Amgen fell apart last summer. And there is speculation that Novartis may pull out of its contract to license melanoma drug binimetinib, perhaps because the recent asset swap with GlaxoSmithKline will include the direct competitor trametinib. Trametinib shares the same indication and method of action as binimetinib, so there is little benefit to Novartis in marketing two drugs that are effectively the same. However, binimetinib could be a very valuable asset to a competing drug company, and Novartis has committed to funding binimetinib through phase III trials, so that removes a big potential cost issue for Array.