An agreement has been signed by Pfizer for purchasing the Array BioPharma for an amount of $48 per share which is equivalent to $11.4Bn which includes all of the debts of the Array. Prior to this acquisition, Array had never dealt more than $30 per share.
Coming on to the net earnings and profits of the company. This is another very wise move by the Big Pharma firm into the cancer medicines. Already 2 drugs approved by the Food and Drug Administration are being sold by Array for melanoma, and Pfizer is investing in another in-progress of Array for the treatment of the patients with colon cancer.
This takeover by Pfizer of Array BioPharma by settling for an agreement of $11.4 billion reflects how keen the titans of industry are to make a business from the cancer medications, which makes cancer a useful, as well as, most in-demand asset for the pharmaceutical side apart from the gene therapy
The current situation: Big Pharmaceuticals wants to do expansion in the cancer lineups since the cancer drugs have command over giant price tags which the health insurers, as well as, the society normally pay for without disapproval.
Where exactly does it stand?
Loxo Oncology is getting bought by Eli Lilly for an amount of $8Bn, Peloton Therapeutics is being acquired by Merck for an amount of $1Bn. An upwards of $9Bn are paid by AstraZeneca for getting some rights to an experimental treatment of cancer. In addition to this, in order to take over Celgene, Bristo;-Myers Squibb is also putting efforts to complete payment of amount $74Bn. These are all the reports of activities of the current year.
Braftovi and Mektovi are the two drugs which are approved by FDA of Array which is in the market, these have a high price. Pfizer is famous for its usual price hikes.