46.50 +0.06 (0.13%)
After hours: 6:39PM EDT
|Bid||46.30 x 3000|
|Ask||46.50 x 21500|
|Day's Range||45.67 - 47.00|
|52 Week Range||12.56 - 47.00|
|Beta (3Y Monthly)||0.96|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 12, 2019 - Aug 16, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||32.40|
There has been some rather interesting activity in the markets the past month or so.
NEW YORK, June 17, 2019 -- Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Array BioPharma, Inc. (NASDAQ: ARRY) on behalf of.
Dow Jones component Pfizer is buying biotech company Array BioPharma in an $11.4 billion deal that reaps the rewards of two approved cancer treatments. Array stock soared to a record high.
Array BioPharma Inc. (Nasdaq: ARRY) has been acquired by Pfizer Inc. (NYSE: PFE). The Boulder-based biopharmaceutical firm focused on the commercialization of small molecule medicines to treat cancer and other diseases is being acquired for about $11.4 billion, or $48 per share. Upon approval by each company's board and the close of the deal, Array’s employees will join Pfizer and will continue to be located in Boulder.
The pharmaceutical company Pfizer said it would buy Array BioPharma, a maker of cancer drugs, for $48 a share in cash.
S&P Ratings has put Pfizer on watch for a downgrade after the pharma giant said it plans to acquire a cancer-drug maker.
Moody's Investors Service commented that Pfizer Inc.'s acquisition of Array BioPharma Inc. ("Array") for $11.4 billion is credit negative. There is no impact on Pfizer's ratings, including the A1 long-term rating and the Prime-1 commercial paper rating, or on the stable outlook. For additional information please refer to Moody's issuer comment on Pfizer available on www.moodys.com.
Array BioPharma news for Monday concerning a deal with Pfizer (NYSE:PFE) has ARRY stock soaring.Source: Shutterstock Array BioPharma (NASDAQ:ARRY) and Pfizer have reached an agreement that will have the former being acquired by the latter. The deal has PFE valuing ARRY at $11.40 billion. Breaking this down, the offer stands at $48 per share for ARRY stock.The offer of $48 per share for ARRY stock is a pretty premium over its closing price of $29.59 from Friday. This has the offer from Pfizer sitting at roughly 62% above the stock's closing price on Friday.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe recent Array BioPharma news will have the company joining Pfizer through a subsidiary. This subsidiary will make a cash tender offer to purchase all outstanding shares of ARRY stock. Once the deal is complete, a second-step merger will be used to require the remaining shares.Pfizer already outlines how it expects the deal to dilute its earnings per share over the next few years. This includes dropping earnings per share between 4 cents and 5 cents in 2019. It is expecting the same dilution in 2020. When 2021 rolls around, the company is expecting it to be neutral. Finally, it says it expects the deal to be accretive to its earnings per share starting in 2022. * 7 Top-Rated Biotech Stocks to Invest In Today Array BioPharma news will require the two companies to complete closing conditions before the deal can finish. This includes approval from regulators, as well as obtaining a majority of shares in the tender offer. If all goes well, the two companies are expecting the deal to close in the second half of 2019.ARRY stock was up 55% and PFE stock was down slightly as of noon Monday. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * The 7 Best Tech Stocks to Buy for the Second Half of 2019 * 7 Top-Rated Biotech Stocks to Invest In Today * 4 Semiconductor Stocks to Sell As of this writing, William White did not hold a position in any of the aforementioned securities.Compare Brokers The post Array BioPharma News: ARRY Stock Skyrockets on Pfizer Deal appeared first on InvestorPlace.
NEW YORK, June 17, 2019 -- The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who purchased Array BioPharma Inc. (“Array.
WILMINGTON, Del., June 17, 2019 -- Rigrodsky & Long, P.A.: Do you own shares of Array BioPharma Inc. (NASDAQ GM: ARRY)? Did you purchase any of your shares prior to June.
News on two major mergers in their respective industries are taking headlines, along with a fresh regional economic read.
NEW YORK, June 17, 2019 -- Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Array BioPharma Inc. (“Array” or the “Company”) (NASDAQ:.
(Bloomberg) -- Pfizer Inc. will buy Array BioPharma Inc. for $10.6 billion to gain its promising new medicines for cancer, which could end or limit the use of punishing chemotherapy for some patients.The agreed price of $48 in cash is 62% above Array’s close last Friday -- already a record high. The company’s shares have soared thanks to drugs that target a mutation that’s found across a wide variety of tumor types, and could be used in treating a broad set of cancers in patients who carry the mutation. Array’s drugs, Braftovi and Mektovi, are already approved in the U.S. for use in advanced melanoma.Pfizer said in a statement that it will get royalties from the uses of drugs that Array has licensed out to other companies. 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.Array shares rose 58% in to $46.67 at 9:32 a.m. in New York. Pfizer was little changed.Cancer has become one of the hottest areas for deal activity between drug and biotechnology companies. Research efforts dating back decades have helped scientists understand how genetic mutations cause some cancers to grow, and other scientific advances have helped them learn how tumors evade the body’s defenses. That knowledge has created an array of targets for drugmakers to attack, leading to new tailored therapies often defined by a tumor cell’s specific biology rather than its location in the body.Unlike other biotech stocks, many of which have pulled back from recent 2018 highs, Array’s shares have been on a steady march upward. The stock was already at a record before the deal announcement, following Array’s news last month of positive clinical trial results using Braftovi and Mektovi with Eli Lilly & Co.’s Erbitux. That combination could be the first chemotherapy-free regimen for some patients who have advanced colon cancer.Array’s drug targets a mutation called BRAF, which can show up in some forms of melanoma, colorectal and thyroid cancers, among others. Other drugs on the market target that mutation as well. Roche Holding AG’s Zelboraf is projected to bring in $168.7 million this year, according to a survey of analysts compiled by Bloomberg. Novartis AG’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.The deal could also boost other biotech stocks, especially companies with drugs in the later stages of development that could be appetizing for big drugmakers. “We expect this announcement to provide a tailwind for the sector,” said Stephen Willey, an analyst with Stifel Nicolaus & Co. He called the premium for the Array deal appropriate, given the company’s positive clinical trial news.The deal is Pfizer’s biggest since its 2016 acquisition of Medivation for $14 billion, another blockbuster cancer deal that the New York-based company used to expand its oncology offerings. With that takeover, Pfizer gained Xtandi, a prostate cancer drug that last year Xtandi brought it $699 million.“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 company will continue to look at dividends, buybacks and small or mid-size deals, and doesn’t see the need for a large merger, he said. Pfizer has lagged behind drugmakers like Merck & Co. and Bristol-Myers Squibb Co. that have brought to market best-selling drugs that use the immune system to attack tumors. But the company has acquired or developed a set of other treatments for breast, prostate other cancers that target disease based on its biological profile. Such methods can result in more effective drugs, fewer side-effects, or both.Pfizer plans to fund the deal with a combination of debt and cash. It said it expects the deal to close in the second half of this year. The deal comes with a $400 million termination fee, according to a regulatory filing by Array.Guggenheim Securities and Morgan Stanley & Co. served as Pfizer’s financial advisers, and Wachtell, Lipton, Rosen & Katz gave legal advice. Centerview Partners was Array’s financial adviser, and Skadden, Arps, Slate, Meagher & Flom LLP served as its legal adviser.(Updates with analyst comment in seventh paragraph. An earlier version of this story corrected the description of Pfizer’s advisers in the final paragraph.)\--With assistance from Marthe Fourcade and Cynthia Koons.To contact the reporter on this story: Drew Armstrong in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Drew Armstrong at email@example.com, Cécile DauratFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
U.S. stocks struggled for direction on Monday after the opening bell as investors hoped to glean clues from the Federal Reserve later this week on the likelihood of rate cuts this year. The S&P 500 was up less than 0.1% to 2,888. The Dow Jones Industrial Average was down 9 points to 26,081. The Nasdaq Composite rose 0.3% to 7,821. The U.S. central bank is under pressure to issue dovish language at the upcoming policy update on Wednesday, with a minority of analysts expecting a rate cut as soon as this week. Dealing a sharp blow to economic sentiment, a plunge in the Empire State manufacturing survey in June to -8.6, from a reading of 17.8 in May, underlined the concerns around slowing growth momentum in the U.S. In company news, shares of Array BioPharma Inc. surged 59% after the biopharmaceutical company agreed to be bought by Pfizer Inc.
Stocks were poised to start the week slightly higher as investors zoom in on meetings at the Federal Reserve and other central banks this week.
The New York-based drug giant has been taking over rivals who have developed drugs and gene therapies.
S&P Global Ratings placed Pfizer Inc.'s ratings on CreditWatch negative on Monday, after the drug company announced that it is acquiring Array BioPharma Inc. for about $11.4 billion in cash and debt. The move reflects the view "that the company is becoming more tolerant of adjusted net debt leverage slightly greater than 2.0 times," S&P said in a statement. The rating agency is expecting Pfizer's adjusted leverage for 2019 to rise to about 2.5 times because of the deal, up from 1.7 times in 2018, and above S&P's expectation for about 1.6 times in 2019. For now, it expects to lower the company's AA issuer rating by one notch, although it conceded that the deal does have benefits. "We view the transaction as beneficial to Pfizer's business position in the oncology market, as Array BioPharma already has two approved cancer drugs, several royalty generating agreements, a development pipeline with several products, and a highly productive research and development (R&D) engine," it said. Pfizer shares were flat in premarket trade, but have fallen 2% in 2019, while the S&P 500 has gained 15% and the Dow Jones Industrial Average , which counts Pfizer as a member, has gained 12%.
Pfizer executives said the company began actively pursuing Array last month after it released positive clinical data showing that Braftovi and Mektovi in combination with Eli Lilly and Co's Erbitux helped reduce the risk of death from colorectal cancer by 48% compared to the standard of care in patients with a gene mutation known as BRAF V600E. The data "is really a landmark publication in one of the most dismal tumors," Pfizer research chief Mikael Dolsten said in a phone interview.
Shares of Array BioPharma Inc. rocketed 56% toward a record high in premarket trading Monday, after biopharmaceutical company developing cancer treatments agreed to be acquired by Pfizer Inc. in a deal valued at $11.4 billion. Under terms of the deal, Pfizer will pay $48 in cash for each Array shares outstanding, which is 62% above Friday's closing price of $29.59, and represents a market capitalization of $10.64 billion. 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. The deal is expected to reduce Pfizer's adjusted earnings per share by 4 cents to 5 cents this yea and in 2020, be neutral in 2021 and add to EPS in 2022. "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," said Pfizer Chief Executive Albert Bourla. Array's stock has more than doubled (up 108%) year to date through Friday, while Pfizer shares have slipped 2.0% and the Dow Jones Industrial Average has gained 12%.
NEW YORK, and BOULDER, Colo., June 17, 2019 /PRNewswire/ -- Pfizer Inc (PFE) and Array BioPharma Inc. (ARRY) today announced that they have entered into a definitive merger agreement under which Pfizer will acquire Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need. Pfizer has agreed to acquire Array for $48 per share in cash, for a total enterprise value of approximately $11.4 billion.