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Why Pfizer Is Falling and Array Is Rising on Acquisition News

Mark O'Hara
Why Pfizer Is Falling and Array Is Rising on Acquisition News

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.