Pfizer Nabs Array Biopharma in $11.4 Billion Takeover of Cancer Drug Specialist

Pfizer Inc. (PFE) said Monday it has agreed to acquire Array Biopharma (ARRY) in an all-cash deal that values the cancer drug specialist at around $11.4 billion.

Pfizer will pay $48 per share for Array, a 62.2% premium to its Friday closing price, pegging the value of the group, including debt, at $11.4 billion.